oil supply glut
OPEC Meets 82% Compliance with Freeze Deal
Tuesday, 31st January 2017
The Organization of the Petroleum Exporting Countries' (OPEC) oil output was set to fall by more than 1mb/d in January to prop up oil prices and reduce a supply glut. Supply from 11 OPEC members with production targets under the deal has averaged 30.01mb/d in January, compared to 31.17mb/d in December.