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Saturday, 25 February 2017

OPEC compliance seen growing as laggards Iraq and UAE pledge action | Reuters

OPEC compliance seen growing as laggards Iraq and UAE pledge action | Reuters:

"OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets. The Organization of the Petroleum Exporting Countries has pledged to curb its production by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years, to boost prices and get rid of a supply glut. Compliance with output restrictions has often been problematic in OPEC's history but this time the group has delivered reductions amounting to as much as 90 percent of the target in the first month alone."



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