Compliance with a deal to cut global oil output reached record levels in February, according to a committee of OPEC and non-OPEC countries.
The cartel of oil producing nations said that, along with its allies, it achieved 138 per cent of pledged output reductions last month.
OPEC added that the glut in global inventory is now reducing.
It’s up from 133 per cent in January, and the highest level since the deal aimed at clearing the oversupply was first made in January of 2017.
The Organisation of the Petroleum Exporting Countries, along with other non-OPEC producers and Russia have extended the deal until the end of this year.
The joint committee is meeting next month to review it.
A statement from OPEC said: “The Committee stressed that all participating countries should strive to achieve or exceed full conformity with their voluntary production adjustments.”
The figures reflect high adherence by Saudi Arabia – the world’s top exporter – and other Gulf OPEC countries, as well as Venezuela which has seen a drop in output due to an economic crisis.
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