Non-OPEC oil producers deliver 64 percent of output cuts: Report

CNBC | on Fri, Mar 17, 3:06 PM

Eleven non-OPEC[1] oil producers that joined a global deal to reduce output to boost prices delivered 64 percent of promised cuts in February, an industry source said on Friday, still lagging the higher levels of OPEC itself. The Organization of the Petroleum Exporting Countries (OPEC), Russia[2] and other producers agreed to cut production by 1.8 million barrels per day (bpd) from Jan. 1 to boost prices and reduce a supply glut. On Thursday, Saudi Energy Minister Khalid Al-Falih urged better...

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