OPEC president satisfied with market’s response to oil output cuts

Qatar’s energy minister, the current OPEC president, Mohammed Saleh al-Sada, said that world oil markets were «responding positively» to output cuts implemented by the cartel and some non-cartel producers.

«I think the market is responding positively and you can see the drop in supply,» Mohammed Saleh al-Sada told reporters.

Sada said he was happy with the level of compliance with the agreed cuts by individual producers. «The degree of adherence is very high,» he said.

OPEC and non-OPEC producers led by Russia agreed in December to cut output by nearly 1.8 million barrels per day, initially for six months, starting from the beginning of this year.

Russia reduced oil production in January by more than 117,000 barrels per day under the agreement with OPEC and oil production across countries participating in the agreement was lowered by 1.4 mln barrels per day on the whole, Russian Energy Minister Alexander Novak said on February 1.

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