OPEC’s Barkindo: 94% compliance on output cut deal seen in January

Following his meeting with the Nigerian Minister of State for Petroleum Resources Ibe Kachikwu late-Monday, the OPEC Secretary-General Mohammad Barkindo said that it was the first time the cartel will achieve over 90 per cent compliance on a deal. 

Key Quotes:

“The numbers for the month of January that is the first month in the regime of six months has shown a very high level of conformity of about 90 to 94 per cent.”

The industry has witnessed one of its worst recession as nearly $1 trillion has been lost globally, “in terms of deferred projects, outright cancellation of projects across the supply chain-upstream, midstream and downstream.”

“We look forward to the expiration of this production regime where we will sit down and look at the numbers again and move again.”