Compliance with a global deal to cut oil supply hit a new record high of 138% in February, this suggested a rise in the oil price has not weakened commitment. OPEC members have achieved a production cut by almost 1.8mbpd last month, this is the highest output reduction since the deal among OPEC and non-OPEC countries aimed to rebalance the oil market as the beginning of 2017.
OPEC, Russia and other non-OPEC producers have extended the deal until the end of 2018, even though OPEC sources say the market is now expected to balance between Q2 and Q3 this year. The high compliance figures reflect both high adherence by top exporter Saudi Arabia and other Gulf OPEC members, as well as a sharp fall in Venezuela due to an economic crisis. OPEC’s deal has helped boost oil prices to go up to $71 per barrel this year for the first time since 2014 and was above $68 per barrel on 21st March, supported by a surprise draw in U.S. crude inventories as well oil stocks are dropping closer to the five-year average across developed countries. This would give more support for OPEC to agree at its next meeting in June to start easing the curbs in 2019.
Sources:Arrow
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