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Oil cut extension may depend on non-OPEC compliance levels

CommoditiesMar 21, 2017 00:52
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Investing.com - There has been talk of a possible extension of the six-month time frame of the OPEC-brokered output cut agreement among major oil producers.
OPEC agreed production cuts of 1.2 million barrels a day at the end of November, the first such accord in eight years.
Non-OPEC producers, led by Russia, also agreed to contribute cuts.
But oil prices have fallen from the highs hit after the agreement was announced, with U.S. crude struggling to hold onto $49 a barrel, levels last seen shortly after the deal was reached.
The International Energy Agency last week reported OPEC compliance with the cuts in the first two months of the year at 98%.
Non-OPEC compliance was estimated at only 37%.
Analysts are questioning whether top OPEC producer Saudi Arabia will agree to an extension if fellow producers are not delivering promised output cuts.
The IEA has estimated Saudi Arabia's compliance with cuts at 135%.
Saudi Arabia raised a few eyebrows in telling OPEC last week it had increased its output slightly in February from January.
Some observers interpreted the hike as a warning shot to other producers to comply with their obligations.

Oil cut extension may depend on non-OPEC compliance levels

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