Opec achieves 82% of pledged oil output cut in January

[LONDON] Opec's oil output is set to fall by more than one million barrels per day (bpd) this month, a Reuters survey found on Tuesday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years.

The Organization of the Petroleum Exporting Countries (Opec) agreed to cut its output by about 1.20 million bpd from Jan 1 - the first such deal since 2008 - to prop up oil prices and get rid of a supply glut.

Supply from the 11 Opec members with production targets under the deal in January has averaged 30.01 million bpd, according to the survey based on shipping data and information from industry sources, down from 31.17 million bpd in December.

Compared with the levels that the countries agreed to make the reductions from, in most cases their October output, this means the Opec members have cut output by 958,000 bpd of the pledged 1.164 million bpd, equating to 82 per cent compliance.

The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, Opec and consulting firms.

REUTERS