OPEC's oil-cut pledge is vague, but Saudi plans lend some credibility | ZAWYA MENA Edition

OPEC's oil-cut pledge is vague, but Saudi plans lend some credibility | ZAWYA MENA Edition:

OPEC's supply-cutting deal agreed last week is vague even by the standards of the oil producer group as no individual output targets are likely to be published, although precise plans from top exporter Saudi Arabia boost the agreement's credibility.

The Organization of the Petroleum Exporting Countries, seeking to prevent a surplus that could weaken oil prices, agreed to cut production by 2.5 percent or 800,000 barrels per day (bpd) as part of a deal with Russia and other non-members.

OPEC has published less detail on how the cut will work than it did in 2016, when it first announced a supply-limiting deal with its allies.