January 27, 2017 / 4:28 PM / 4 years ago

OPEC January oil output shows high compliance with supply cut deal: Petro-Logistics

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, May 30, 2016. REUTERS/Heinz-Peter Bader

LONDON (Reuters) - OPEC oil output is set to fall by 900,000 barrels per day (bpd) this month, a company that tracks OPEC supply said on Friday, pointing to a strong start by the exporter group in implementing a supply cut deal.

The Organization of the Petroleum Exporting Countries is cutting its output by 1.2 million bpd from Jan. 1 — its first such deal since 2008 — to prop up oil prices.

“OPEC supply is on track to decrease by 900,000 bpd in January, suggesting a high level of compliance thus far into the production curtailment agreement,” Daniel Gerber, chief executive of Petro-Logistics, said in an email.

Petro-Logistics (www.petro-logistics.com) is among a number of consultants that estimate OPEC supply. OPEC itself has yet to publish a figure for its January output.

Reporting by Alex Lawler; Editing by David Goodman

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