Global Oil Supplies Up, but OPEC Abides by Output Cut

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OPEC countries are complying with a landmark deal to reduce a worldwide glut in oil, but global supplies nevertheless increased in February, the International Energy Agency said on Wednesday.

"The implementation of the OPEC production agreement appears in February to have maintained the solid start seen in January. For the first two months of the deal the compliance rate averaged 98 percent," the IEA said in its latest monthly report, adding that "global oil supplies rose in February as (both) OPEC and non-OPEC producers pumped more."