Commodities: OPEC above 90% compliance with supply cut - Reuters

The first production cut in 8-years from OPEC seems to be a success as reported on the wires, via Reuters, the monitored supply figures indicate OPEC has delivered so far above the 90% output curbed sealed in January.  

Key Highlights:

•The Organization of the Petroleum Exporting Countries is cutting its crude output by about 1.2 million barrels per day (bpd) from Jan. 1 to prop up oil prices LCOc1 and reduce a supply glut.

•The OPEC figure of 92 percent comfortably exceeds the initial 60 percent achieved when OPEC's previous deal was implemented in 2009 and adds to indications that adherence has been high.

•OPEC is scheduled to publish its first assessment of January production based on the secondary sources in its monthly oil market report on Monday.