LONDON Feb 21 OPEC countries are aiming to
boost compliance with agreed oil output curbs further from
January's high levels in a bid to clear a supply glut that has
weighed on prices, the group's secretary general said on
The Organization of the Petroleum Exporting Countries is
curbing its output by about 1.2 million barrels per day (bpd)
from Jan. 1, the first cut in eight years. Russia and 10 other
non-OPEC producers agreed to cut half as much.
OPEC Secretary General Mohammad Barkindo said that the
production data for January in OPEC's most recent monthly report
showed conformity from participating OPEC nations with agreed
output curbs above 90 percent.
"All countries involved remain resolute in the determination
to achieve a higher level of conformity," he said in a speech in
London, according to a copy of the text.
The supply cut deal is helping to support oil prices, which
at close to $57 a barrel are up from the low $30s a year
ago, but still-rising U.S. inventories and expectations the OPEC
cut will revive U.S. shale drilling have limited the rally.
Barkindo said that oil inventories were expected to decline
"It was evident in the last quarter of 2016 that total OECD
commercial oil stocks were falling, and it is expected that we
will see a further drop during 2017," he said.
"We will continue to focus on the level of inventory
drawdown to bring the level closer to the five-year industry
(Reporting by Alex Lawler and Rania El Gamal, editing by Louise