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OPEC Keeps Its Promise About Crude Oil Cuts, IEA Says

  • Non-OPEC producers implemented about half their pledged cuts
  • Agency boosts world oil demand estimates for 2016, 2017
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OPEC Delivers Record 90% Compliance on Output Cuts

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OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that’s being supported by surprising strength in demand, the International Energy Agency said.

The Organization of Petroleum Exporting Countries implemented 90 percent of promised output cuts in January, the first month of its agreement, as key member Saudi Arabia reduced production by even more than it had committed, the agency said. Eleven non-OPEC members who joined the agreement have made about half their pledged reductions, according to the IEA.