Home Current OPEC squeezes oil output to 4-year low, Russia compliance low

OPEC squeezes oil output to 4-year low, Russia compliance low

1

OPEC squeezes oil output to 4-year low, Russia compliance lowOPEC production fell to a four-year low in January as the cartel applied a new pact to boost global oil prices, the International Energy Agency said Wednesday, but Russia and other ex-Soviet states failed to cut back output as much as promised. The Paris-based organisation said that OPEC crude output dropped by 0.93 million barrels per day (mbd) to 30.83 mbd in January. OPEC members along with allies including Russia agreed in early December to trim production by 1.2 mbd from January 1, in a bid to eliminate a production glut and shore up prices.