OPEC slashed oil production last month by nearly as much as it promised in November, when the cartel struck its first deal to curb global supply in eight years, an S&P Global Platts survey released on Monday shows.
In January, Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and six other OPEC countries cut daily output by a combined 690,000 barrels compared to December, down to 32.16 million.
These figures do not include production from Indonesia, which suspended its membership a few months ago. Iran, Nigeria and Libya increased production by 290,000 barrels a day, offsetting the production cut somewhat.
But the 10 countries obligated to cut output below production quotas have complied with 91 percent of their promised cuts so far, Platts said, noting output of these countries has dropped some 1.14 million barrels a day since October. January was the first month in a plan to curb oil production for six months.