London/Dubai — Oil cartel Opec is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, Opec delegates say, but compliance of 80% would be good and as low as 50% acceptable. Opec is planning to cut its output by 1.2-million barrels a day to 32.5-million barrels a day from January 1. Russia and other non-members are planning to cut about half as much. Opec and the independent producers are cutting production to remove a global glut and prop up prices, which at $56 a barrel are half their level of mid-2014, hurting the revenue of exporting nations. "Compliance won’t be 100%, it never is," said an Opec source, who added that an overall rate of 50%-60% would be good enough, based on past compliance levels. Top exporter Saudi Arabia and Kuwait said on Thursday that they had cut production by more than they committed to. Kuwait, the head of a committee to monitor compliance which meets on January 22, said this w...
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