OPEC+ committed to cut output by 99% in January: report

OPEC and its partners expect that the agreed oil-supply curbs will reach 99% in January, Bloomberg reported, citing an unnamed delegate.

The implementation among the OPEC members was at 103%, while it reached 93% for non-OPEC partners, including Russia and Kazakhstan, last month.

The compliance data is preliminary and will be reviewed tomorrow, Feb. 2, 2021, by the group's joint technical committee.

The OPEC+ aimed to cut 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 production cuts.

OPEC+ will hold a ministerial meeting in early March to decide on its next steps.