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LONDON (Reuters) - OPEC said on Tuesday oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a supply glut.
The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years. Russia and 10 other non-OPEC producers agreed to cut half as much.
But in its monthly report OPEC said oil stocks in industrialised nations rose in January to stand 278 million barrels above the five-year average, of which the surplus in crude was 209 million barrels and the rest products.
"Despite the supply adjustment, stocks have continued to rise, not just in the U.S., but also in Europe," OPEC said in the report.
"Nevertheless, prices have undoubtedly been provided a floor by the production accords."
In the report, OPEC pointed to a increase in compliance by its members with their deal to cut output from Jan. 1.
That means OPEC has complied by more than 100 percent with its plan to lower output for those nations to 29.804 million bpd, according to a Reuters calculation. OPEC didn't give a compliance figure in the report.
(Reporting by Alex Lawler, editing by Louise Heavens and David Evans)
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