OPEC has cut its oil output for a second month in February. This has allowed the exporter group to boost already strong OPEC compliance with agreed supply curbs.
This level of compliance was reached in addition to steep reduction by Saudi Arabia.
Previous OPEC cuts have been mired in mass cheating by its members. That has made strong compliance by OPEC members this time a positive surprise for the market.
Compared with the levels the countries agreed to make the reductions from, in most cases their October output, this means the OPEC members have cut output by 1.098 million bpd of the pledged 1.164 million bpd. This equates to 94 percent compliance.