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Non-OPEC delivers 40 percent of pledged oil curbs in January: OPEC sources
February 10, 2017 / 5:01 PM / in 8 months

Non-OPEC delivers 40 percent of pledged oil curbs in January: OPEC sources

DUBAI/LONDON (Reuters) - Eleven non-OPEC oil producers that joined a global deal to cut output to boost prices have delivered 40 percent of promised curbs in January, two OPEC sources said.

The sources cited OPEC calculations based on data from the International Energy Agency.

OPEC’s figures, reported earlier on Friday by Reuters, put its own compliance at 92 percent.

The Organization of the Petroleum Exporting Countries, Russia and other producers agreed to cut oil production by a combined 1.8 million bpd in the first half of 2017 to boost prices and get rid of a supply glut.

The lower compliance figure for non-OPEC to date is partly due to the phased implementation of the deal by Russia, the largest non-producer cooperating with OPEC.

Russia said it would phase in its share of the cut gradually rather than in the first month of the agreement and in January lowered supply by 100,000 bpd.  Moscow pledged to reduce output by 300,000 bpd in the agreement.

An OPEC and non-OPEC technical committee due to meet in Vienna on Feb. 22 will look further at how to assess compliance with the deal.

Reporting by Rania El Gamal and Alex Lawler; editing by Adrian Croft

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