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OPEC attains record 90 percent of output cuts as demand grows, IEA says

OPEC nations have largely lived up to their deal regarding a production cap, according to the International Energy Agency.

Photo: Kamran Jebreili / AP Polfoto

OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that's being supported by surprising strength in demand, the International Energy Agency said.

The Organization of Petroleum Exporting Countries implemented 90 percent of promised output cuts in January, the first month of its agreement, as key member Saudi Arabia reduced production by even more than it had committed, the agency said. Resilient oil demand is aiding OPEC's bid to re-balance world markets, growing more than expected last year and poised to do so again in 2017.

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