-
Opec, allies back on track with oil cuts, US output at record high
The Organisation of Petroleum Exporting Countries (Opec) and its partners are once again cutting production as promised in their effort to steady the market, said a report. Non-Opec compliance soared to 151% last month, compared with 61% in March, International Energy Agency data showed. Opec adherence remained strong—also at 151%—versus 158% previously, according to Bloomberg calculations. The last time Opec and its partners jointly complied with their agreement was December 2017. In April both sides of the so-called Opec+ alliance complied with their supply pact for the first time 16 months, reported Bloomberg. ... (full story)