Oil Shipments Show That OPEC Is Sticking to Its Cuts
- Petro-Logistics says supply to fall by 900k b/d this month
- Fall in supply equates to 75% of OPEC’s pledged reduction
Are Producers Complying With OPEC's Output Cuts?
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Oil supplies from OPEC are plunging this month as the group implements production cuts aimed at erasing a global surplus, according to tanker-tracker Petro-Logistics SA.
The Organization of Petroleum Exporting Countries will reduce supply by 900,000 barrels a day in January, the first month of the accord’s implementation, said the Geneva-based consultant. That’s equivalent to about 75 percent of the cut that the producer group agreed. Eleven non-members led by Russia are to curb their output in support.