That’s according to a new survey from S&P Global Platts, which shows output in February fell to an average of 32.03 million barrels per day (b/d).
As the OPEC members move closer to full compliance, Saudi Arabia continues to show the strongest progress.
Its production last month averaged 9.85 million b/d, below its limit of 10.06 million b/d and its lowest output since February 2015.
This over compliance, along with Angola’s, is helping compensate for countries like Iraq, Venezuela and the United Arab Emirates (UAE), which have not cut down to their allocations under the deal.
Iraq remains above its quota by 91,000 b/d, Venezuela by 43,000 b/d and the UAE by 42,000 b/d.
Non-OPEC compliance continues to lag behind – Russia, for instance, which committed to a 300,000 b/d cut from October levels, only reduced output by 121,300 b/d in February.
Herman Wang, OPEC Specialist at S&P Global Platts, said: “A Saudi-led OPEC is showing the market it is serious in making the agreement stick.
“While it remains an open question whether OPEC will achieve its goal of drawing down stocks sufficiently to rebalance the market, OPEC is fulfilling its commitment, certainly in contrast to non-OPEC partners who are some ways from cutting down to their agreed levels.”