• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 15 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 16 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 15 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 15 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 17 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 17 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day Itt looks like natural gas may be at its lowest price ever.
  • 18 hours Saudi A to Splash $100 Bln on India
  • 11 hours Washington Eyes Crackdown On OPEC
  • 13 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 1 day NEW FERUKA REFINERY
Alt Text

Fifty Shades Of Shale Oil

A close examination of U.S.…

Alt Text

How Washington Could Spoil The OPEC+ Alliance

OPEC and Russia are looking…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News