OPEC+ compliance with oil output cuts rose to 129% in January, a source from the group told Reuters, as producers fell further behind their target and signalling a tight market that could push prices higher.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and others including Russia, is undoing output cuts put in place after the pandemic slashed demand.
The group has aimed to restore an additional 400,000 barrels per day (bpd) each month since August, but not all producers have kept up with their individual targets.
