Opec achieves 82 percent of pledged oil output cut

London: Opec's oil output is set to fall by more than 1 million barrels per day (bpd) this month, a Reuters survey found yesterday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years.
The Organization of the Petroleum Exporting Countries agreed to cut its output by about 1.2 million bpd from January 1 to prop up oil prices and reduce a supply glut.
Supply from the 11 Opec members with production targets under the deal has averaged 30.01 million bpd, according to the survey based on shipping data and information from industry sources, down from 31.17 million bpd in December.
Compared with the levels that the countries agreed to make the reductions from -- in most cases their October output -- OPEC members have cut production by 958,000 bpd of the pledged 1.164 million bpd, equating to 82 percent compliance. Oil edged above $55 a barrel yesterday.