According to data for the month of January, OPEC is in almost full compliance with the deal. It has achieved about 91 percent of its stipulated cuts of 1.2 million barrels per day. Saudi Arabia, the de-facto OPEC leader and the biggest producer of the bloc not only reached its target production cuts, according to the oil ministry of the kingdom it has cut more than required.

However, some data other than the production numbers suggest that the Kingdom might be bypassing the OPEC deal by other means.

According to Clipper data available via oilprice.com suggest that the Saudis are looking to supplement the lost revenues due to this production cuts by increasing shipments of finished products. In December, Saudi Arabia’s refinery output reached 2.96 million barrels per day, the highest level in almost 15 years. Saudi Arabia’s exports of products in January this year was 300,000 barrels more than it was in 2015 and about 100,000 barrels more compared to the same month of 2016. The gap has widened further in February.

Similar trends are likely to get seen in other countries within the OPEC cartel.