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Trading news
31 Jan 2017
OPEC achieves 82% of pledged oil output cut in January: Reuters survey
According to a Reuters survey report, released on Tuesday, OPEC oil output in January is set to fall by more than 1 million barrels per day (bpd), indicating a strong start towards implementing the cartel's first supply cut deal since 2008.
The survey report revealed that supply from the 11 OPEC members averaged 30.01 million bpd in January, down from 31.17 million bpd in December.
At the time of reporting, WTI crude oil traded closer to session low near $52.30 level, down over 0.5% for the day.