OPEC's commitment to oil cuts rises during last month
10:40 - 06/01/2018
Information / Baghdad ..
NEW YORK (Reuters) - OPEC has increased compliance with the December oil cuts by further cuts in Venezuela's output and further cuts from crude-exporting Gulf states, showing a strong commitment to the deal despite rising prices, a new survey showed.
The survey showed that the commitment to cuts rose to 128 percent from 125 percent in November. The UAE has pumped oil below its OPEC level for the first time since the deal entered into force in January 2017 to join Saudi Arabia and Kuwait.
The Organization of the Petroleum Exporting Countries (OPEC) is cutting production by 1.2 million barrels per day (bpd) under an agreement with Russia and other non-OPEC producers, and the deal will continue until the end of 2018.
Oil prices hit their highest levels since May 2015 this week, supported by falling inventories, strong demand and rising OPEC commitment. Many producers, still suffering from the price collapse in 2014, benefit from higher prices and additional revenues. Ending / 25