OPEC and non-OPEC producers left their meeting in Vienna Sunday claiming 100% commitment with plans to cut output, but market watchers will have to wait a little longer for hard evidence of full compliance. There was certainly convincing rhetoric from the oil ministers and there have been signs of significant cuts, but the market must now determine fact from fiction, given the expected natural declines from some countries, planned maintenance and how output is responding from exempt producers like Nigeria and Libya. Saudi oil minister Khalid al-Falih was “positive” that non-OPEC producers were taking part in the cuts, while Russia’s Alexander Novak said his expectations have been “exceeded”. But beyond the ministers’ platitudes, the monitoring committee — made up of representatives from Algeria, Kuwait, Oman, Russia and Venezuela — still has little to work with. Moreover, minister claims that the market could rebalance within the first six months have […]