OPEC+ sees almost full compliance with January oil-supply cuts

OPEC and its partners estimate they implemented 99% of their agreed oil-supply curbs in January, according to a delegate who asked not to be named.

The 23-nation alliance known as OPEC+ aimed to withhold 7.2 million barrels a day of crude from the market last month — about 7% of global supplies. They agreed to increase production by 500,000 barrels from December as part of a plan to ease the cuts.

The compliance data is preliminary and will be reviewed on Tuesday by the group’s Joint Technical Committee.