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Oil Watchers Applaud Swift Delivery of OPEC+ Supply Cuts

  • Implementation of 10-million barrel cut deeper than expected
  • Traders, tanker-tracking, refiners point to strong compliance
Russian Oil Storage As Global Powers Close In on Historic Deal
Photographer: Andrey Rudakov/Bloomberg
Updated on

OPEC+ is responding to the oil market’s collapse with an urgency never seen before.

The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million barrels of daily crude output -- roughly 10% of global supplies, according to tanker-tracking data, interviews with physical crude traders and refiners, and assessments by consultants. And that’s just in the first two weeks of the agreement.