Despite Saudi signals, OPEC to miss on all promised oil cuts

OPEC Secretary-General Mohammed Barkindo said he was sure countries would follow through on the deal

OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia saying it had trimmed more than it had committed to, OPEC delegates say, but compliance of 80 per cent would be good and as low as 50 per cent acceptable.

The Organization of the Petroleum Exporting Countries is planning to cut its output by 1.2 million barrels per day to 32.50 million bpd from January 1. Russia and other non-members are planning to cut about half as much.

OPEC and the independent producers are cutting supplies to remove a global glut and prop up prices,