OPEC, Russia 'Ahead Of Schedule' On Oil Output Cuts

OPEC, Russia 'Ahead Of Schedule' On Oil Output Cuts”

A committee set up to monitor oil output cuts by OPEC and non-OPEC producers met in Vienna on Sunday.

OPEC and Russian Federation say they are ahead of schedule implementing their historic agreement to curb oil output and boost prices.

Kuwaiti oil minister Essam Al-Marzouq, who chairs the five-member compliance committee, said it would examine how to best monitor compliance and what level of compliance would be acceptable.

"That said, our companies are moving ahead of schedule".

He will also meet Saudi Energy Minister Khaled al-Falih, a government spokesman said, according to Ria Novosti.

Speculative positioning in Commodities

A deal reached on December 10 between members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers marked the first such pact since 2001.

The Organization of the Petroleum Exporting Countries and non-OPEC producers on December 10 reached their first deal since 2001 to curtail oil output jointly by almost 1.8 million barrels per day (bpd) and ease a global glut after more than two years of low prices. Arriving in Vienna, he said producers have already removed 1.5 million bpd from the market, Bloomberg reported.

Oil prices rose to an 18-month high of more than $58 a barrel after OPEC and several non-members agreed to end two years of unfettered production and instead cut output.

As outlined in OPEC's initial agreement, monthly production data known as "secondary sources" compiled by analysts in the group's secretariat will be the principal tool for judging whether members are complying with the deal, the people said. But they have since slipped on concerns that countries may not stick to their commitments - as has happened under previous deals - and that higher prices will boost USA output. The organisation agreed to reduce its output to 32.5 million barrels a day, although that total included about 740,000 barrels a day from former member Indonesia.

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