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Oil Jumps After IEA Reports Record OPEC Compliance With Production Cut Deal

Oil Jumps After IEA Reports Record OPEC Compliance With Production Cut Deal

zerohedge.com / by Tyler Durden / Feb 10, 2017 7:07 AM

Oil jumped this morning, with Brent rising 1%, trading above $56 after the International Energy Agency said OPEC had achieved record initial compliance of 90% with planned production cuts – it is unclear how much of this was self-reported and questionable –  while demand grew faster than expected.

In the first month of OPEC’s supply cut agreement, key member Saudi Arabia reduced production by 116%, or even more than it had committed, despite Venezuela’s struggles to reduce output (it had achieved only 18% of planned cuts) while higher demand is aiding the group’s bid to re-balance world markets, the IEA said.

The following Bloomberg chart shows alleged deal compliance by nation…

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