Opec and its allies are almost three months into a deal to reduce production in a bid to eliminate a global oil-inventory surplus after three years of glut. The 11 Opec members—excluding Nigeria and Libya—participating in the agreement exceeded their pledges, implementing 106% of the required cuts, the delegates said. Opec and its allies are almost three months into a deal to reduce production in a bid to eliminate a global oil-inventory surplus after three years of glut. Saudi Arabia’s oil minister, Khalid Al-Falih said Thursday that Opec would extend the cuts after they expire in June if oil stockpiles remain above the five-year average. “Oil prices will not react unless we see a meaningful decline in U.S. oil inventories,” said Anas Alhajji, an independent analyst and former chief economist at NGP Energy Capital Management.

Source: Mint March 18, 2017 11:48 UTC