February 19, 2018 / 11:52 AM / a month ago

January compliance with oil reduction pact 133 percent: OPEC's Barkindo

ABUJA (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Monday the organization registered 133 percent compliance with agreed output reduction targets in January across all participating OPEC and non-OPEC countries.

FILE PHOTO - OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017. REUTERS/Heinz-Peter Bader

Barkindo said compliance last year stood at 107 percent and that OPEC and non-OPEC producers would hold a technical meeting in June.

The OPEC Secretary-General made the comments while speaking at a conference in Nigeria’s capital Abuja.

Commercial oil stocks for the OECD rose in January 2018 and were about 74 million barrels over the latest five-year average, he said.

Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an “encouraging environment”, Barkindo added.

Reporting by Paul Carsten; writing by Chijioke Ohuocha; editing by Jason Neely and Jane Merriman

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