VIENNA – OPEC and key non-OPEC oil producers seeking to push up the price of crude by cutting production say participants appear to be exceeding pledges to reduce output.
Russia and 10 other nations outside OPEC agreed with the 13 members of the Organization 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 Sunday 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.