Eleven non-OPEC oil producers that joined a global deal to reduce output to boost prices delivered 64% of promised cuts in February, an industry source said March 17, still lagging the higher levels of OPEC itself.OPEC, Russia and other producers agreed to cut production by 1.8 million barrels per day (MMbbl/d) from Jan. 1 to boost prices and reduce a supply glut.Compliance numbers were reviewed at a meeting in Vienna on March 17 comprised of officials from countries monitoring adherence to agreed output levels—OPEC members Kuwait, Venezuela, Algeria plus non-OPEC Russia and Oman.
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Source: Daily Dose of ShaleDirectories.com News
March 17, 2017