CNBC| Karen Gilchrist & Tom DiChristopher
OPEC recently reported record compliance with promised production cuts.
OPEC on Monday revised up its forecast for worldwide oil demand in 2017 and reported record-setting compliance in the first month of a deal to reduce crude supplies. The new forecast comes after a recent commitment by the organization and 11 non-OPEC countries to reduce production in a bid to manage supply and demand levels better. In January, OPEC production decreased by 890,000 barrels per day, according to secondary sources noted in OPEC’s latest monthly report. Among the OPEC members who have committed to production quotas, total output in January was 29.9 million barrels a day. That puts compliance with the deal, which aims to remove about 1.2 million barrels a day from the market, at as high as 93 percent, according to Reuters.
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