Compliance with a deal to cut oil output is at 94 per cent among Opec and non-Opec oil producers combined, Russian Energy Minister Alexander Novak told reporters on Sunday.

He also said Russia had cut its exports by 187,000 barrels per day so far and its cuts would reach 210,000 bpd in a few days. Russia is committed to cuts of 300,000 bpd by the end of April, he added. 

Novak said he expects global oil stockpiles to decrease in the second quarter of this year.

Demand-supply balance

The oil market may return to balance by the third quarter of this year if producers comply with their deal to cut output, otherwise the timeframe for rebalancing could be pushed out further, Kuwaiti oil minister Essam Al Marzouq said on Sunday.

Marzouq told reporters that there needed to be 100 per cent compliance among producers with the deal.

However, there has been some progress towards rebalancing and producers' output numbers for February and March were well received by the market, Marzouq said.

Source :Times Of Oman