The Joint OPEC-Non-OPEC Ministerial Monitoring Committee said that the Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC oil producer are on the "right track towards full conformity" with the crude production cut goal.
The report said the in January, the producers achieved a conformity level of 86 percent over the output cut agreement, in order to rebalance the global oil market.
OPEC members and non-OPEC producers such as Russia agreed to jointly cut the oil production since January 1, therefore, the sides are closely monitor the reduction process.
OPEC will discuss if the cartel should continue implementing the output cut strategy in March. The press release said that there is still room for improvement to reach 100 percent conformity in production cut.