Qatar says producers sticking to oil output cuts

Markets Associated Press

Qatar's energy minister says OPEC members and oil-producing allies are adhering to previously agreed production cuts aimed at taking supply off the market to push up the price of crude.

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Mohammed bin Saleh al-Sada said in Doha on Wednesday that "adherence is excellent" to cuts in oil production agreed on in December 2016. He currently serves as president of the Organization of the Petroleum Exporting Countries

Al-Sada also says the market is "heading towards rebalancing," but says it's too soon to see how long that will take.

Russia and 10 other nations outside OPEC joined with the 13 members of the bloc in agreeing to reduce the amount of oil on sale by 1.8 million barrels daily in the first six months of this year.