OPEC says all oil producers in right track to cut productionStaff Writer | February 25, 2017
OPEC and non-OPEC producers achieved their oil production cut goal in a conformity level of 86 percent, the organization said in a press release.
Oil production 86 percent over the output cut agreement
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. ■