Compliance with the production-cut agreement reached 120% in September, according to the Joint Ministerial Monitoring Committee (JMMC) for the agreement, Egypt Oil & Gas reports.
“The market has improved a lot but has still some way to go,” the Saudi Arabian Oil Minister, Khalid El Falih, noted last week, according to Reuters.
While some countries have failed to meet their obligations, others have surpassed their commitments and made additional cuts, the JMMC stated in its report.
In January, OPEC and a number of non-OPEC oil-producing countries agreed to cut oil production by 1.8 million barrels per day (b/d) to draw down global supply. The agreement is set to expire in March 2018, but several signatories have expressed interest in extending it.