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UPDATE 3-OPEC+ Jan compliance with oil cuts reaches 85% -Petro-Logistics

Published 25/01/2021, 17:11
© Reuters.

(Rewrites first, sixth paragraphs with OPEC+ compliance figure)
By Alex Lawler
LONDON, Jan 25 (Reuters) - OPEC+ compliance with pledged oil
output curbs is averaging 85% so far in January, tanker tracker
Petro-Logistics said on Monday, suggesting the group had
improved its adherence to pledged supply curbs.
The Organization of the Petroleum Exporting Countries and
allies, a group known as OPEC+, agreed to increase output by
500,000 barrels per day in January as part of a plan to taper
huge cuts made last year as the coronavirus pandemic hammered
demand. However, the Petro-Logistics figures unexpectedly suggest
production is lower, and compliance with cuts higher, than in
December. A trend of high compliance could lend further support
to oil prices, which are near an 11-month high. O/R
"The biggest reductions in January supply are expected from
Libya, Iraq and Nigeria," Petro-Logistics, a Geneva-based
consultant, said in an email to Reuters, referring to trends
seen within OPEC.
OPEC's compliance with pledged supply curbs is close to 100%
in January, the company said. That is up from December's figure
of 82% as estimated by Petro-Logistics on Jan. 12. The January figure for OPEC+ compliance is up from 75% in
December, according to the company's estimates.
Two OPEC sources said last week OPEC+ compliance remained
strong in December at 99%, although it fell from November's
101%. (Editing by Paul Simao and David Evans)

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