IEA Says OPEC Reaches Record Compliance With Agreed Cuts

10 Feb 2017   IEA, OPEC

OPEC members have reached a record compliance of 90% with their agreed output cuts, the International Energy Agency said Friday. The Organization of the Petroleum Exporting Countries on Nov. 30 agreed to cut its production from January by 1.2 million barrels a day to end a persistent oil glut. In December, Russia and other producers outside the group committed to take 558,000 b/d out of the market. In its closely watched…

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