PARIS: Opec countries are complying with a landmark deal to reduce a worldwide glut in oil, but it will take some time yet before the oil market feels the full impact of the reduction in output and prices stabilise, the International Energy Agency said on Wednesday. “The implementation of the Opec production agreement appears in February to have maintained the solid start seen in January, the IEA said in its latest monthly report. “Opec kept up robust adherence to its... supply cut. For the first two months of the deal the compliance rate averaged 98 per cent,” it said, adding that “global oil supplies rose in February as (both) Opec and non-Opec producers pumped more.” At the end of November, the Organisation of Petroleum Exporting Countries agreed to cut output by 1.2 million barrels per day (bpd) from January 1, initially for a period of six months. Then in December, non-Opec producers led by Russia agreed to cut their own output to 558,000 bpd. — Reuters
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