Oil Jumps as IEA Sees Record OPEC-Cuts Compliance, Rising Demand
- Global demand growth estimates upgraded for 2016 and 2017
- OPEC achieves record 90% compliance to production curbs: IEA
OPEC Delivers Record 90% Compliance on Output Cuts
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Oil rose as the International Energy Agency said OPEC has achieved a record 90 percent initial compliance with a production cut accord, while demand grew faster than expected.
Futures advanced 1.6 percent in New York. In the first month of the Organization of Petroleum Exporting Countries’ agreement, key member Saudi Arabia reduced production by even more than it had committed, while higher demand is aiding the group’s bid to re-balance world markets, the IEA said.