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Initial performance of OPEC deal will set tone
OPEC and non-OPEC producers have met more than half way into their first month of the new supply cut policy in Vienna, where they put forth solid reassurances of their commitment to the output curbs.
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An OPEC executive delivers his speech during a meeting at the organization's headquarters in Vienna, Austria. (Bloomberg/Bloomberg)
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s January drew to a close, the key question on the minds of oil market participants was: how well did the Organization of Petroleum Exporting Countries (OPEC) adhere to its quotas?
OPEC and non-OPEC producers have met more than half way into their first month of the new supply cut policy in Vienna, where they put forth solid reassurances of their commitment to the output curbs.
At the meeting, Saudi oil minister Khalid al-Falih said he was “positive” that non-OPEC producers were taking part in the cuts, while Russia’s Alexander Novak said his expectations have been “exceeded.”
“Everybody has declared their full commitment. For all I know, and I still hope we will see evidence in February, we are going to get 100 percent compliance, possibly more,” Falih had told journalists after the meeting.
“We see evidence of a 1.5 [million b/d cut],” Falih had said then.
“1.7 million b/d,” Novak had said.
Since the cut agreement came into effect on Jan. 1, the market has been eager to come by any hard evidence to show the extent of the output reductions.
