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OPEC Convinces Investors That Its Oil Output Cuts Are Real

  • Money managers’ WTI net-long positions rise to record: CFTC
  • OPEC supply to fall by 900,000 b/d this month: Petro-Logistics
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Are Producers Complying With OPEC's Output Cuts?

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OPEC appears to have persuaded investors that it’s making good on promised production cuts.

Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80 percent of the targeted reduction of 1.8 million barrels a day has been implemented. Oil shipments from OPEC are plunging this month, according to tanker-tracker Petro-Logistics SA.