Opec compliance with output cuts rises to 94% in February

London

OPEC has cut its oil output for a second month in February, a Reuters survey found on Tuesday, allowing the exporter group to boost already strong compliance with agreed supply curbs on the back of a steep reduction by Saudi Arabia.

The Organization of the Petroleum Exporting Countries is cutting its output by about 1.2 million barrels per day (bpd) from Jan 1 - the first such deal since 2008 to get rid of a glut.

Non-Opec countries pledged to cut about half as much.

Previous Opec cuts have been mired in mass cheating by its members, making strong compliance by Opec this time a positive surprise for the market, with prices trading above US$55 per barrel - …