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OPEC meets 91 percent of promised output cuts in January

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OPEC slashed oil production last month by nearly as much as it promised in November, when the cartel struck its first deal to curb global supply in eight years, an S&P Global Platts survey released on Monday shows.

In January, Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and six other OPEC countries cut daily output by a combined 690,000 barrels compared to December, down to 32.16 million.

These figures do not include production from Indonesia, which suspended its membership a few months ago. Iran, Nigeria and Libya increased production by 290,000 barrels a day, offsetting the production cut somewhat.

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Written by Collin Eaton at FuelFix.com

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