All Organization of the Petroleum Exporting Countries (OPEC) members have largely complied with the deal signed last year to cut output in order to boost oil prices, according to a report released by the group.
Figures released by OPEC show that its members have decreased their output by more than 90% last month under the agreed deal, reported The New York Times. OPEC's report is based on data collected from the secondary sources.
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Since the beginning of the year, OPEC countries decided to reduce their output by 1.2 million barrels a day, while Russia and other ten non-OPEC countries committed to decrease by 50% of this, reported Reuters.
OPEC stated that in January, supplies from 11 member countries declined to 29.888 million bpd.
The International Energy Agency (IEA) previously estimated the compliance level to be 90%. The OPEC report largely confirmed this data of IEA published last week.
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Saudi Arabia reduced its production to 9.748 million bpd, which is 700,000bpd more than it agreed under the deal.
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By GlobalDataKuwait, Iraq and the UAE also made substantial cuts in their production.
The deal is scheduled to continue for another six months and may be extended if the global glut continues.
OPEC's cut plan has supported crude prices, taking it to around $55 a barrel. However, rising US production has negated the efforts of the output-cut deal.
Image: OPEC office in Vienna. Photo: courtesy of DALIBRI / Wikipedia.
