Reuters survey on compliance

  • Members who were subject to cuts delivered 94% of reductions compared to 82% in January
  • Total OPEC output down 30K bpd in February to 32.19m bpd.
  • Higher Iranian and Nigerian output partly offset Saudi-led cuts

The OPEC survey is very credible. This is good news for oil but OPEC compliance is balanced by rising North American supply.

An earlier report said Saudi Arabia and its Gulf allies were hoping for $60 oil.