Parties to an agreement to limit crude oil production starting in January were 86 percent in line with commitments, a joint OPEC, non-OPEC group said. Members of the Organization of Petroleum Exporting Countries agreed in November to sideline about what was expected in global demand so that total member state production would be at 32.5 million barrels per day in January “in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward.” Non-member states, led by Russia, agreed to limit their production in solidarity. OPEC said a joint committee monitoring the terms of the agreement held its inaugural meeting in Vienna to verify compliance. “According to the joint technical committee report for January 2017, the OPEC and non-OPEC producers […]