RTRS Survey: OPEC compliance with oil curbs rises to 94% in February

According to the latest Reuters Survey, OPEC’s compliance to the oil output deal has remained strong for the second straight month in February, rising to 94%.

In January, OPEC delivered 82% of the promised cuts, according to a Reuters survey and over 90% according to OPEC's own report.

Key findings from the survey:

“The Reuters survey showed Saudi Arabia's output fell slightly in February from an already deep reduction in January taking the total curb achieved to 744,000 bpd, well above the target cut of 486,000 bpd.”

“Thus, Saudi Arabia continued to compensate for the weaker adherence of other members, including Algeria, Iraq, Venezuela and even its key ally the United Arab Emirates, which cut output by 33,000 bpd -- well below the target reduction of 139,000 bpd.”

“Iraq trimmed exports from its southern ports in February, boosting its compliance, the survey found, and shipping schedules suggest exports may fall more in March.”

“UAE officials and industry sources say the UAE will move closer to its OPEC target in coming months, improving average compliance during the six-month duration of the supply cut rather than focusing on month-by-month performance.”