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Global oil supplies up, but OPEC abides by output cut: IEA

AFP  |  Paris 

OPEC countries are complying with a landmark deal to reduce a worldwide glut in oil, but global supplies nevertheless increased in February, the International Energy Agency said today.

"The implementation of the OPEC production agreement appears in February to have maintained the solid start seen in January. For the first two months of the deal the compliance rate averaged 98 per cent," the IEA said in its latest monthly report, adding that "global supplies rose in February as (both) OPEC and non-OPEC producers pumped more.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 14:58 IST