Investing.com - The International Energy Agency estimated OPEC member compliance with agreed output cuts at record 90% in January.
"This first cut is certainly one of the deepest in the history of OPEC output cut initiatives," the IEA said in its monthly report.
OPEC members agreed to cut production by 1.2 mn bpd in the first six months of this year.
Non-OPEC producers such as Russia have agreed to cut 558,000 bpd.
The IEA estimated OPEC output in January at 32.1 mn bpd, with Saudi Arabia cutting more than required.
The agency forecast significant increases in output by Brazil, Canada and the U.S. this year of 750,000 bpd.
It predicted a net increase by non-OPEC producers in 2017 of 400,000 bpd.
The IEA revised the increase in global demand for oil upward to 1.6 mb bpd.
The demand/supply balance points to a net drawdown of 600,000 bpd if compliance levels maintained.
But it noted that stockpiles still remain at very high levels.
Brent crude was up 1.15% at $56.27 at 05:30 ET after the IEA monthly report.