OPEC shows surprisingly strong solidarity

Members of OPEC have lived up to their commitments to reduce oil production more than they have ever previously done, according to an analyst.

Photo: Nabil al-Jurani/AP/Polfoto/Arkiv

When the Organization of Petroleum Exporting Countries (OPEC) decided to put a cap on production last year, the oil prices rose by 20 percent, and new figures indicate that the cartel's 13 members have largely complied with the deal, writes the New York Times.

"So far this is holding up way better than any previous agreement had," says OPEC analyst Bhushan Bahree at the research firm IHS Markit to the New York Times.

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