OPEC Compliance With Cuts at 102%

Russian Energy Minister Alexander Novak said on Tuesday compliance with a global output cut deal in the past nine months had been 102%. He said compliance by OPEC countries had been 100% and compliance by non-OPEC countries 106%, Reuters reported. Speaking at a business forum in Moscow, Novak said it was too early, however, to take a decision on whether the output deal should be extended beyond the end of March. According to Fatih Birol, the executive director of International Energy Agency, in spite of the high compliance that is higher than in the past, it is not clear whether OPEC and other producers will continue with the plan in November or not. OPEC and other producers, including Russia, agreed to cut their production by around 1.8 million barrels a day until next March to drain a global oversupply and prop up prices.