EnergyWatch

OPEC attains record 90 percent of output cuts as demand grows, IEA says

OPEC nations have largely lived up to their deal regarding a production cap, according to the International Energy Agency.

Photo: Kamran Jebreili / AP Polfoto

OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that's being supported by surprising strength in demand, the International Energy Agency said.

The Organization of Petroleum Exporting Countries implemented 90 percent of promised output cuts in January, the first month of its agreement, as key member Saudi Arabia reduced production by even more than it had committed, the agency said. Resilient oil demand is aiding OPEC's bid to re-balance world markets, growing more than expected last year and poised to do so again in 2017.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Siemens Gamesa's deep financial woes are halfway self-inflicted

Despite successfully forwarding the external costs to customers, onshore wind projects valued at EUR 2bn are being delivered at zero-profit margins in the years to come, according to the turbine maker’s CEO. Here and there, things might have moved a bit too fast.

Siemens Gamesa drags down majority shareholder

Despite better sales than expected in the gas business, Siemens Energy downgrades its full-year guidance in the wake of Siemens Gamesa’s announcement of potentially massive losses in 2022.

Further reading

Related articles

Latest News

See all jobs