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OPEC, Russia Say Oil Cuts Are Deeper and Faster Than Expected

Saudi minister says 1.5 million b/d removed from market
Russia’s Novak says supply already curbed by 100,000 b/d

Video player cover image — Oil Producers Agree on Way to Monitor Oil Cut

By

Anna Shiryaevskaya,

Grant Smith, and

Angelina Rascouet

January 21, 2017, 4:22 PM UTC

OPEC and Russia said they are ahead of schedule implementing their historic agreement to curb oil output and boost prices.

Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected, ministers from the countries said as they arrived in Vienna on Saturday. Producers have already removed 1.5 million barrels a day from the market, according to Saudi Minister of Energy and Industry Khalid Al-Falih.