OPEC and Allies Said to Improve Compliance With Oil-Output Cuts
- Committee saw 94% of cuts implemented in Feb., say delegates
- Technical meeting took place in Vienna Friday to monitor cuts
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OPEC and its allies improved their collective compliance with a supply-cuts agreement last month as deeper reductions from members of the group offset weaker implementation from other producers.
The group of oil producers implemented 94 percent of their pledged 1.8 million barrels a day of supply cuts in February, up from 86 percent the previous month, according two delegates familiar with the conclusions of a meeting of a technical committee at the Vienna headquarters of the Organization of Petroleum Exporting Countries Friday.