IEA says 90 per cent compliance rate in OPEC oil output cut

OPEC countries are complying almost fully to their commitments to cut oil output under a recent landmark deal to reduce a global supply glut, the International Energy Agency said today.

"The IEA estimates ... A record initial compliance rate of 90 per cent, with some producers, notably Saudi Arabia, appearing to cut by more than required," said the IEA, which analyses energy markets for major oil consuming nations.

At the same time, the IEA upgraded its estimates for global oil demand growth for 2016 and 2017.