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OPEC and 11 non-OPEC producers achieved a combined 86 percent compliance rate with their output cuts in January. OPEC members were above 90 percent, mainly due to Saudi Arabia, while non-OPEC compliance was lower but reportedly improving to at least 60 percent.
A joint monitoring committee urged full conformity.
Broad compliance with the roughly 1.8 million bpd cut supports crude prices and suggests a sustained supply reduction. Higher crude keeps energy and fertilizer costs elevated for feed producers.
oilprice.comTsvetana ParaskovaFeb 24, 2017After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
