Opec cut crude production by 860,000 b/d in January, the largest monthly fall in nearly three years, but remains 570,000 b/d above its H1 2017 output target.

Oil prices have dropped around $1/B since the start of February but remain comfortably above $50/B, suggesting that the markets are comfortable enough with the level of compliance so far.

MOVING TARGET

Opec set itself a collective output target of 32.5mn b/d at its 30 November meeting in Vienna. This came into force on 1 January for...