OPEC cuts were above the target

It seems that the agreement made between the member countries of the Organization of Petroleum Exporting Countries (OPEC) is going from strength and stern. In February the cut of oil production from the cartel reached 140% of the promised goal, while other countries outside the group met between 50 and 60% of the agreed.

The information was given by the Minister of Oil of Kuwait, Essam Al-Marzouq, who described the adherence of OPEC countries as "excellent", while the outside of the cartel as "acceptable." Marzouq gave good adhesion to a deep cut by Saudi Arabia, which voluntarily reduced more than proposed in order to increase confidence in the agreement.

According to Panorama Offshore has been reporting, OPEC members established at the end 2016 and a production reduction agreement in 1.2 million bpd, and from 1 January 2017 in order to mop up the global supply and value commodities . The results of the first cuts have left the levels of the most stable oil prices.

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