OPEC and non-OPEC participants in an historic oil output deal have conducted around 86% of agreed production cuts, Kuwait's official news agency said Friday, suggesting producers outside the cartel are lagging begging their OPEC peers. The Organization of the Petroleum Exporting Countries has previously said it has made 94% of the reductions, so the latest disclosure suggests that non-OPEC producers have cut less than OPEC members.
Russia's oil output, for instance, only declined by 100,000 barrels a day in January--a third of the agreed cuts. The 13-country OPEC agreed to slash production by 1.2 million barrels a day on Nov. 30, to reduce high oil production and revive prices. In December, a group of 11 nations outside the group, including Russia, decided to cut oil output by a combined 558,000 barrels a day.
About 86% of the agreed reductions have been carried out, according to a committee of representatives from the participating countries that met Feb. 22 and were led by Kuwait, according to this country's official news agency Kuna.