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OPEC members comply with production cut www.nhk.or.jp
OPEC members have so far complied with an oil production cut agreed last November.
Under the deal, the members of the Organization of the Petroleum Exporting Countries cap their total production at 32.5 million barrels per day from January to June to prop up sluggish crude oil prices.
The group said on Monday that total production in January fell by 890,000 barrels per day to 32.139 million.
All 10 member countries that are subject to the cut reduced their output in the month.
Saudi Arabia's production fell by 496,200 barrels per day, while Iraq recorded a reduction of 165,700 barrels and the United Arab Emirates 159,300 barrels.
Observers have been keeping an eye on whether the cut, the first in 8 years, would be implemented as agreed.
But crude oil prices appear to have peaked amid expectations of an increase in US shale oil production.
Attention is now focused on whether Russia and other non-OPEC producers, which agreed to cooperate in curbing production, will follow through on the agreement.
Published Date:2017-02-14
