The Kingdom reported that it had reduced output by 717,600 bpd in January to 9.748 mbpd, according to a monthly report from OPEC released on Monday. This is the lowest oil production level in more than eight years. Saudi Arabia pledged to cut output to 10.058 mbpd under an agreement made in December last year, whereby OPEC and 11 non-OPEC producers had agreed to cut output by c1.8 mbpd to support market recovery. OPEC is 92% compliant with its pledge to reduce output by 1.2 mbpd, Kuwaiti Oil Minister Essam Al-Marzooq said Monday, adding that non-OPEC producers are 50%-compliant with their pledge of 558,000 bpd. (Arab News)