OPEC+ oil producers overcomplied with their collective production cut deal in January, thanks to overcompliance from OPEC members, Russia’s TASS news agency reported on Friday, quoting two sources in OPEC+ delegations. According to those sources, OPEC and its non-OPEC partners led by Russia saw their combined compliance rate at 112 percent in January, compared to 145 percent in December. The means that the OPEC+ group reduced their collective oil production by a combined 1.9 million barrels per day (bpd), compared to an agreed cut of 1.7 million bpd as per the deal forged in December 2019. While OPEC producers overcomplied with a compliance rate of 136 percent in January, the non-OPEC producers which include Russia had their compliance at 55 percent in the first month this year. Compliance rates in both the OPEC and non-OPEC camp fell from December, but the agreed cuts in January were larger than those […]