Oil inventories onshore and offshore are responding to production cuts implemented by OPEC, the secretary general of the organization, Mohammad Barkindo, said on Sunday. OPEC-led production cuts have helped raise global oil prices by more than 10 percent since they were approved in November. “Overall, I think so far so good. Inventories are responding if you look at both offshore and onshore,” Barkindo said on the sidelines of the CERAWeek energy conference in Houston. The production reduction pact, which was joined by non-OPEC countries including Russia and Kazakhstan, is intended to reduce global output by about 1.8 million barrels a day, and bring supplies closer to demand. The six-month agreement originally took effect on Jan. 1. […]