OPEC, non-members report 133% compliance with output deal in January

OPEC and its non-member allies achieved 133 percent conformity with their ongoing output reduction agreement during the month of January, the group’s Joint Ministerial Monitoing Committee (JMMC) said on Thursday.

OPEC agreed with a group of 11 (now 10) non-member oil producers, led by Russia, in December 2016 to cut output by a combined 1.8 million barrels per day.

The agreement was renewed twice last year and will run until the end of 2018.

In the statement, the ministerial committee said it was satisfied with the overall results, but noted the need to avoid complacency, given recent market volatility.

“The JMMC also noted that performance was not uniform and that conformity was boosted by several over-performing countries, and therefore urged all participating countries to continue and, to the extent possible, intensify their collective and individual efforts, in order to expedite the rebalancing of the oil market,” the statement said.

The committee’s next meeting will be held in Saudi Arabia in April.