Saudi – Oil supply cut by 1.5 million barrels per day
|The countries have already cut oil supply by 1.5 million barrels a day, more than 80% off their collective target, said Saudi Arabia’s Energy Minister Khalid Al-Falih.
Al-Falih said on Sunday that “Compliance is great -- it’s been really fantastic”.
Over the weekend, OPEC and other oil producers agreed on a way to monitor compliance.
The reaction in oil prices is muted. WTI oil and Brent oil front-month contracts were seen changing hands at $53.25/barrel and $55.50/barrel, respectively.
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