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A record 93% of oil production cartel OPEC’s members have complied with the major output cuts agreed on 30 November 2016. The largest contributor is Saudi Arabia with 496,200 barrels of oil per day cut in January. However, the impact on oil prices is being capped by a ramp up in drilling activity in the US. According to data from Baker Hughes (BHI:NYSE), the number of rigs operational in the US is now at its highest level since October 2015.