OPEC, Non-OPEC Producers Met Oil Output Cut Deal by 86% in January - Cartel

The Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers achieved a conformity level of 86% to the oil output cut deal in January, the organization said in a statement Friday.

MOSCOW (Sputnik) — On November 30, 2016, OPEC countries agreed on reducing oil production by 1.2 million barrels per day, with a daily cartel-wide cap standing at 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day. Russia pledged to cut production by 300,000 barrels daily.

"According to the JTC [Joint OPEC-Non-OPEC Technical Committee] report for January 2017, the OPEC and Non-OPEC producers achieved a conformity level of 86 per cent," the statement read.

Earlier on Wednesday Qatari Energy Minister said that the level of adherence to the deal on decreasing oil output among members of the Organization of the Petroleum Exporting Countries (OPEC) stands at 94 percent.