HOUSTON (Reuters) - Members of an OPEC-led production agreement said on Tuesday that results so far are meeting their expectations and pledged already strong compliance would expand in time.
Total output reductions have exceeded 1.5 million barrels per day, said Saudi Oil Minister Khalid al-Falih. He also said the results had exceeded the low market expectations.
Russian Oil Minister Alexander Novak described the effort as “satisfactory” and said he had discussed compliance and the impact of shale producers with Saudi Arabia.
Reporting by Liz Hampton; Editing by David Gregorio