The report said the in January, the producers achieved a conformity level of 86 percent over the output cut agreement, in order to rebalance the global oil market.
OPEC members and non-OPEC producers such as Russia agreed to jointly cut the oil production since January 1, therefore, the sides are closely monitor the reduction process.
OPEC will discuss if the cartel should continue implementing the output cut strategy in March. The press release said that there is still room for improvement to reach 100 percent conformity in production cut.
More about:
