27 April 2024
Oil price stabilises as OPEC makes good on cuts pledge
Publication date: 10 February 2017
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More than two years after the dramatic oil price plunge of 2014, Brent prices have stabilised at around USD 55/barrel – thanks to output cuts by both OPEC and non-OPEC producers, according to the International Energy Agency.
The IEA said in its latest monthly oil market report that the cuts “achieved a record initial compliance rate of 90%, with some producers, notably Saudi Arabia, appearing to cut by more than required”.