Source: Barrel Blog | Ross McCracken | February 28, 2017

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So far, OPEC compliance with its production cut goals appears to have been good, with cold weather and natural declines adding to reductions from non-OPEC producers, resulting in Russia being ahead of schedule.

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Some OPEC members have exceeded their compliance targets, notably Saudi Arabia and Kuwait. The only real laggards are Iraq, the UAE and Venezuela.

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Overall, OPEC production in January, according to an S&P Global Platts survey, was down 690,000 b/d to 32.16 million b/d from December. The impact of the cuts was offset by gains of a combined 260,000 b/d from Nigeria and Libya, both of which are exempt from the deal, while Iranian production edged up by 30,000 b/d, which again is within the scope of the deal’s terms.

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Compliance has been high enough to sustain the gains made in the oil price since the agreement was announced.

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