Consultant: OPEC cutting output as promised so far

OPEC will cut supplies by about 5 percent this month as the group implements production constraints announced in December, according to preliminary estimates from consultant PetroLogistics Ltd.

Oil supply from 11 members of the Organization of Petroleum Exporting Countries subject to quotas will average 26.15 million barrels a day in January, down from 27.65 million barrels a day, Conrad Gerber, the founder of PetroLogistics, said today by telephone from Geneva. From this month, members have a production quota of 24.845 million barrels a day. Iraq has no quota.


Saudi Arabia, the group