Crude out­put has been cut

The Star Early Edition - - BUSINESS REPORT -

OPEC and other oil-pro­duc­ing coun­tries are scal­ing back their crude out­put as promised un­der last month’s his­toric agree­ment, putting global mar­kets on track to re-bal­ance af­ter more than two years of over­sup­ply. Pro­duc­ers have cut oil sup­ply by 1.5 mil­lion bar­rels a day, more than 80 per­cent of their col­lec­tive tar­get, since the deal came into ef­fect on Jan­uary 1, Saudi Min­is­ter of En­ergy and In­dus­try Khalid Al-Falih told re­porters in Vienna as min­is­ters gath­ered to mon­i­tor com­pli­ance with the agree­ment. “Com­pli­ance is great – it has been re­ally fan­tas­tic,” Al-Falih said yes­ter­day. Saudi Ara­bia, Kuwait, Qatar, Al­ge­ria and Venezuela are meet­ing coun­ter­parts from non-Opec na­tions Rus­sia and Oman to fig­ure out ways to ver­ify that the 24 sig­na­to­ries to their De­cem­ber 10 ac­cord are fol­low­ing through on their pledge. – Bloomberg

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