OPEC: Crude production being cut ahead of schedule

OPEC and key non-OPEC oil producers who decided to firm up the declining oil prices by production cut, said that participants appear to be exceeding pledges to reduce output.

Russia and 10 other nations outside OPEC agreed with the 13 members of the Organisation of the Petroleum Exporting Countries in December to take a total of 1.8 million barrels of oil a day from the global market within the first half of this year.

Russian energy minister Alexander Novak says participants already are close to that goal less than two months into the plan’s start.

He estimated that “close to” 1.5 million barrels a day had already been cut, adding that many countries are exceeding promised reductions.

Novak spoke at the end of a meeting set up to monitor cutbacks.