The Organization of the Petroleum Exporting Countries (OPEC) and its allies are committed to maintaining oil market stability beyond 2020, with physical supplies relatively tight globally, OPEC Secretary-General Mohammad Barkindo said on Tuesday.
He added that compliance with production quotas among OPEC and its allies was at 136 per cent, curbing global supplies, while production growth in North America including US shale basins was decelerating.
OPEC, Russia and other oil producer allies, a grouping known as OPEC+, have pledged to cut production by 1.2 million barrels per day (bpd) until March 2020 to support oil prices. The producers are scheduled to meet again on Dec. 5-6. Read more
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