 "Opec over-delivers on oil cuts in March, but sees more from rivals")
Organisation of the Petroleum Exporting Countries (Opec) cut oil output in March by more than they pledged, according to figures the group published in a monthly report on Wednesday, as it sticks to an effort to clear a supply glut that has weighed on prices.
But the Opec also raised its forecast of oil supplies from non-member countries in 2017 as a recovery in oil prices encourages US shale drillers to pump more, reducing demand for the group's oil this year.
Compliance in March by the 11 Opec members with output targets under a supply cut deal averaged 104 per cent, according to a Reuters calculation based on production figures Opec published.
But the Opec also raised its forecast of oil supplies from non-member countries in 2017 as a recovery in oil prices encourages US shale drillers to pump more, reducing demand for the group's oil this year.
Compliance in March by the 11 Opec members with output targets under a supply cut deal averaged 104 per cent, according to a Reuters calculation based on production figures Opec published.