The Organisation of the Petroleum Exporting Countries (OPEC) Secretary-General, Mohammad Barkindo, said on Monday the organisation registered 133 percent compliance with agreed output reduction targets in January across all participating OPEC and non-OPEC countries.
Barkindo said compliance last year stood at 107 percent and that OPEC and non-OPEC producers would hold a technical meeting in June.
The OPEC Secretary-General made the comments while speaking at a conference in Nigeria’s capital Abuja.
Commercial oil stocks for the OECD rose in January 2018 and were about 74 million barrels over the latest five-year average, he said.
Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an “encouraging environment”, Barkindo added.