The January 2017 OPEC monthly report

  • Output -890kbpd to 32.14m

  • OPEC members with supply targets cut output to 29.888mbpd in Jan. 84k above Jan1st target (Reuters calculation based on OPEC secondary sources)

  • OPEC members achieved 93% of pledged 1.16m cut (Rtrs calc)

  • OPEC raises 2017 world oil demand growth forecast to 1.19mbpd vs 1.16mbpd

  • Raises non-OPEC supply growth to 240kbpd vs 120k prior

  • Saudi Arabia says it cut Jan output to 9.748m (below its OPEC target)

  • OPEC report implies global oil market will see zero average surplus in 2017 vs 985kbpd surplus in prior report

So far so good for compliance of the deal.

Nothing much here for oil traders and Brent edged up around 35 ticks to 56.55.