"Normally for Opec, good compliance is near 80%," said another Opec delegate. "COMPLIANCE CONCERNSCompliance with the 2009 Opec cuts peaked at about 80%, according to the IEA. This was enough to help support a rise in oil prices, which began 2009 at US$46 and stood at US$69 by the end of June that year.Three months into that last Opec cut, Saudi Arabia and its Gulf allies showed the highest level of adherence. They both boosted production in December, even though Opec supply overall fell. "If things go well in those countries, it could be quite hard for Opec to maintain a 32.50 million bpd production target," Gerber of Petro-Logistics said.

Source: The Star January 13, 2017 06:43 UTC