Dec. 30 (Bloomberg) -- OPEC cut oil production this month as the group complies with efforts to reduce supply and boost prices, consultant PetroLogistics Ltd. said.

Oil supply from the 11 members of the Organization of Petroleum Exporting Countries subject to quotas averaged 27.1 million barrels a day this month, down from 27.5 million barrels a day in November, Conrad Gerber, PetroLogistics’ founder, said today by telephone from Geneva.

“They have done a reduction of about 1.9 million barrels a day so far,” he said. “Saudi Arabia is leading the way and the others seem to be following.”

For November and December, the target ceiling for 11 OPEC members was 27.308 million barrels a day. A lower collective target of 24.845 million barrels a day will come into force on Jan. 1 when OPEC begins output cuts agreed on Dec. 17 at a meeting in Oran, Algeria.

“If they implement that, they will have removed 4.2 million barrels a day from the market,” Gerber said. “Whether they do it remains to be seen.”

Saudi Arabia has cut output to about 8.2 million barrels a day this month from 8.5 million barrels a day in November, according to Petrologistics data.

OPEC, which supplies more than 40 percent of the world’s oil, agreed to reduce daily production targets by 2.46 million barrels from January in an attempt to stop falling prices. Libya and the United Arab Emirates have announced compliance with the cuts agreed on this month.

To contact the reporter on this story: Alexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net;

Last Updated: December 30, 2008 11:14 EST