Opec has to stick to agreed production cuts to keep oil prices steady

London

OIL traders are hoping that Opec will continue with agreed production cuts at the coming end-May meeting as supply and demand are narrowly in balance and global inventories are high.

Latest statistics of the International Energy Agency (IEA) show that following the Opec accord and decline in US, Russia and other non-Opec productions, global crude oil supplies fell from 98.3 million barrels a day in the fourth quarter of last year to marginally under 96 million barrels in March.