Oil Slips Most in 3 Weeks as OPEC Cuts Face Rising U.S. Output
- OPEC achieves 92% compliance with output curbs, Kuwait says
- EIA sees U.S. shale-oil output rising to 4.87m b/d in March
IEA Sees OPEC Achieving 90% Production Cut Compliance
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Oil declined in New York as OPEC’s supply cuts are tempered by a revival of shale drilling in the U.S.
Futures slid 1.7 percent in New York, the biggest drop in more than three weeks. Saudi Arabia told OPEC it cut oil production by the most in eight years, while Kuwaiti Oil Minister Essam Al-Marzooq said the organization as a whole has delivered 92 percent of the output curbs it pledged. Meanwhile, U.S. oil drillers increased the rig count to the highest since October 2015, and the Energy Information Administration sees U.S. shale-oil output jumping next month to the highest level since May 2016.