OPEC Sticks To Output Cut Promises, Supporting Oil Prices
Jan, 31st 16:24
Oil futures prices reversed on Tuesday after two days of increase, boosted by news that OPEC oil producers have been sticking to their output-cut agreement signed last year.
A Reuters survey on Tuesday showed that production from the Organization of the Petroleum Exporting Countries fell sharply in January with averaged output reaching 30.01 million barrels per day (bpd), down from 31.17 million in December.
Overal, OPEC has completed 82 percent compliance with its promised production cuts, well above most market forecasts.
OPEC members Saudi Arabia, Kuwait and Algeria stated that they had cut output this month by even more than was required, while non-OPEC member Russia said it also had curbed production faster than was agreed.
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