21:31, 12-Feb-2018
OPEC Monthly Report: Oil market expected to reach balance by this year end
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Now turning to global oil market now. OPEC oil output dropped 8000 barrels per day in January from previous month to 32 million barrels per day. That's according to the organization's monthly oil market report released on Monday.
OPEC'S 11 members contributed to over 29 million bpd last month. That amounts to almost 140 percent compliance with the production cut agreement. The report also revised up its daily output for 2018 due to positive outlook for global economic growth. In addition, the report estimates the global market to reach balance towards the end of this year.