As producers fell further behind their target and signaling a tight market that could push prices higher, OPEC+ is undoing output cuts put in place after the pandemic slashed demand. The 129% compliance in January cited by the source would be the highest in more than two years and marks a rise from 122% in December and 117% in November. Compliance from OPEC countries was 133% in January, while non-OPEC producers stood at 123%, according to data provided by the source. The head of International Energy Agency’s (IEA) Fatih Birol has called on OPEC+ to narrow the gap between their oil production targets and actual output.
- OPEC+ compliance with oil output cuts near 130% in January, source says