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Thursday, 23 February 2017

Commodity Market News; Non-OPEC Compliance With Oil Supply Curbs Improving

Eleven non-OPEC oil producers that joined a global deal to cut output to boost prices have delivered at least 60 percent of promised curbs so far, OPEC sources said on Wednesday, higher than initially estimated. The Organization of the Petroleum Exporting Countries, Russia and other producers agreed to cut production by 1.8 million barrels per day (bpd) from Jan. 1 to boost prices and get rid of a supply glut. 

Compliance numbers were reviewed at a meeting in Vienna on Wednesday comprised of officials from countries monitoring adherence to agreed output levels -- OPEC members Kuwait, Venezuela, Algeria plus non-OPEC Russia and Oman. OPEC President Saudi Arabia also attended. "This meeting shows the seriousness of OPEC and non-OPEC in implementing the agreed cut," an OPEC delegate said.

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