OPEC Secretary-General Mohammad Barkindo said on Jan. 19 the organization registered 133% compliance with agreed output reduction targets in January across all participating OPEC and non-OPEC countries.

Barkindo said compliance last year stood at 107% and that OPEC and non-OPEC producers would hold a technical meeting in June.

The OPEC Secretary-General made the comments while speaking at a conference in Nigeria’s capital Abuja.

Commercial oil stocks for the OECD rose in January 2018 and were about 74 million barrels over the latest five-year average, he said.

Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an “encouraging environment,” Barkindo added.