• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 8 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 29 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 39 mins Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 12 hours Let's shut down dissent like The Conversation in Australia
  • 6 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 18 hours Hong Kong protesters appeal to Trump for support.
  • 11 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 8 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 18 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 8 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 3 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 11 hours Iran in the world market
Alt Text

Oil Rises After EIA Reports Crude Inventory Draw

Oil prices rose further on…

Alt Text

Analyst: OPEC’s Cuts Actually Destabilize Oil Market

Contrary to its official mission…

Alt Text

Why Saudi Arabia Split Up Its Energy Ministry

Saudi Arabia will split its…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

OPEC Cuts Close To 1 Million Bpd This Month

A Reuters survey of shipping data has revealed that OPEC has succeeded this month in cutting almost 1 million barrels from its combined daily output, in compliance with its November agreement. The figure represents a compliance rate of 82 percent, or 958,000 bpd, from the 1.164 million bpd agreed to be cut.

The amount cut so far, however, refers to OPEC members’ output levels from October and November last year. When the January data is compared with December figures, the reduction is larger, by more than 1 million bpd, or from an average of 31.17 million bpd last month to 30.01 million bpd this month. Reuters used a variety of sources to collect the data, including external sources, oil companies, and consulting firms, plus flow data.

Compliance with the November agreement is being watched closely by everyone in the oil business, as worries are still rife that some signatories to the deal would cheat in a bid to avoid losing vital oil revenues and market share.

Meanwhile, OPEC officials are doing their best to convince interested parties that the cut is going as planned, with some members, namely Saudi Arabia, cutting more than it had agreed to. Related: OPEC May Be Powerless To Stop Lower For Longer

A recent survey from Petro-Logistics, like Reuters’, showed that OPEC is cutting, though by less. The survey estimated the cut at 900,000 bpd for January, or 75 percent of the agreed total to be taken off the market. What’s perhaps more important in this particular survey is that it provided much needed confirmation from third parties that the group was indeed sticking to its targets.

As Investopedia notes, while the agreement was in the making, some observers argued that OPEC’s actions are getting increasingly irrelevant for international oil prices. This has turned out to be partially true, as rising production in the U.S. has stifled much of the upward potential for prices anticipated after the OPEC deal.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play