Global oil output plunged in January as Opec and non-Opec producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said on Friday. Oil supplies fell by around 1.5-million barrels per day last month, including by one-million barrels a day for Opec, leading to record initial compliance of 90% with a six-month output-cut deal reached in December by big producers to boost prices.
Source: www.engineeringnews.co.za
IEA says record Opec cut compliance helps oil market rebalance
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