The first month of the six-month OPEC deal is in the books and the early signs suggest that the oil group is thus far coming close to delivering on its promises. According to S&P Global Platts , the 10 OPEC countries that promised to reduce their production as part of the Nov. 30 deal have achieved a 91 percent compliance rate with the targeted cuts. The combined output from those 10 countries in January was 1.14 million barrels per day (mb/d) lower than October levels. The figures from S&P Global Platts are particularly important to watch because unlike other market watchers, S&P Global Platts is one of the sources used in OPEC’s official “secondary sources” survey in its monthly oil market reports. For January, OPEC’s total output stood at 32.89 mb/d, while the group has promised to take production down to 32.5 mb/d. The early progress is encouraging because […]