OPEC records 133 percent compliance with oil reduction pact in January- Barkindo

Barkindo in Washington to talk US into OPEC deals
Secretary General of the Organisation of Petroleum Exporting Countires (OPEC), Mohammed Barkindo

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.

Agency Report