OPEC Cuts Oil Output, But More Work Needed to Fulfill Deal
- Group is about 60% of the way to reaching output target
- Output declined to 32.3 million barrels a day in January
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OPEC cut output by 840,000 barrels a day last month, but has more work to do to fully comply with last year’s historic production deal.
The Organization of Petroleum Exporting Countries pumped 32.3 million barrels a day in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. The 10 members of the group that pledged to make cuts in Vienna two months ago implemented 83 percent of those reductions on average, but their efforts were offset by increases from Iran, Nigeria and Libya that were permitted under the terms of the agreement.