Thursday, February 11, 2010

OPEC Compliance With Cuts Fell to 58% in January, IEA Reports

Feb. 11 (Bloomberg) -- OPEC’s compliance with record supply cuts announced in 2008 slipped to 58 percent in January, from 61 percent the previous month, according to the International Energy Agency.
The 11 members of the Organization of Petroleum Exporting Countries bound by production quotas raised output by 135,000 barrels a day to 26.62 million a day last month, the Paris-based IEA said in a monthly report today. That means OPEC exceeded its collective target by about 1.8 million barrels a day. See    Crudewire.com Named Most Accurate Forecaster for 2...

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