OPEC has achieved record compliance with planned output cuts in the first month of a deal, according to multiple reports, but uneven contributions from members raise questions about whether the producer group can maintain that level.
The International Energy Agency on Friday reported the OPEC members have cut 90 percent of the supplies they committed in November to take off the market. A Reuters survey put compliance at 92 percent, while S&P Global Platts research showed 91 percent compliance.
The levels are remarkable in light of OPEC's poor compliance record during past efforts to rein in oversupply. However, not all members are carrying their own weight.
As predicted by many energy analysts, top oil exporter Saudi Arabia is already compensating for underperformers. The kingdom's January production was 9.98 million barrels a day, much less than its quota of about 10.06 million.