Report: Non-OPEC production compliance at 60 percent

Non-OPEC producers have reportedly achieved at least a 60 percent compliance rate with planned production cuts.

OPEC sources told Reuters that 11 non-OPEC producers who agreed to a production deal last year may have delivered about 60 percent of the agreed upon cuts.

Two OPEC delegates told Reuters that OPEC has placed the non-OPEC compliance rate at an estimated 66 percent.

A third source told Reuters that the compliance rate was at least at 60 percent.

The compliance figures were discussed during a meeting of both OPEC and non-OPEC producers in Vienna earlier this week.

OPEC has not disclosed any information about its estimated compliance rate for the non-OPEC production deal.

A group of 11 non-OPEC producers, including Russia, agreed in December to cut their combined output by about 558,000 barrels a day.

The non-OPEC production deal was announced just days after OPEC members agreed to trim the group’s overall production by over 1 million bpd.

Both production plans were effective at the start of the year for an initial duration of six months.

The International Energy Agency (IEA) reported earlier this month that OPEC’s production cut plan has achieved a 90 percent compliance rate.

The IEA found that OPEC production fell to 32.1 million barrels per day in January.

“This first cut is certainly one of the deepest in the history of OPEC output cut initiatives,” the IEA said.

Preliminary data seen by the IEA found that Russia cut output by 100,000 bpd in January, still shy of its 300,000 bpd reduction target.