Is OPEC cutting Production?

OPEC production averaged 28565 mln barrels/day in January, down 3.5% from December (Bloomberg News).

“Compliance by OPEC is better than in the past” said Sinte Diek, an analyst at HSH Nordbank in Hamburg, Germany. Current oil prices “are really disturbing the budget deficits,” of many OPEC member countries.

Crude oil was gaining 2%, to 40.87 a barrel in after-hours NYMEX Futures Trading. Oil is down 9.1% year to date and down 55% from last year.