OPEC: Oil output cut agreement participants fulfil plan 98%

PARIS, Apr 27 (PRIME) -- The OPEC and non-OPEC member states fulfilled their production cut agreement by 98% in March, as compared with 94% reached in February, OPEC Secretary General Mohammed Barkindo said at the International Oil Summit in Paris on Thursday.

“We can see that positive sentiment has been returning (to the oil market) in the last weeks due to expectations of a further rise in meeting obligations of oil output cuts by OPEC and non-OPEC countries, which reached 98% in March,” he said.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 with potential prolongation.

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