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OPEC+ Sees Almost Full Oil-Cuts Compliance in December

  • Delegate says OPEC compliance at 103% and non-OPEC at 93%
  • Group of major producers is curbing supplies to prop up prices
Bloomberg business news
OPEC+ Deal Sees Saudi Cut, Russia Boost on Output
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OPEC and its partners estimate they implemented 99% of their agreed oil-supply curbs in December, according to a delegate who asked not to be named.

The 23-nation alliance known as OPEC+ aimed to withhold 7.2 million barrels a day of crude from the market in January -- about 7% of global supplies. They agreed to increase production by 500,000 barrels from December as part of a plan to ease the cuts.