OPEC must enact cuts for sustained oil price rise, IEA says

Published October 11, 2016

The International Energy Agency says OPEC countries must swiftly deliver on promised cuts if they want a sustained increase in oil prices.

In its monthly report Tuesday, the IEA said production from the Organization of the Petroleum Exporting Countries hit a record high in September of 33.64 million barrels a day. Iraq produced more oil than ever, while Libya reopened oil ports.

The IEA also said output from non-OPEC member Russia hit a post-Soviet record.

With supply running high, the IEA said demand is slowing along with the global economy.

The IEA forecast that the market will remain oversupplied through mid-2017 if OPEC doesn't enact last month's pledge to cut supply to between 32.5 and 33 million barrels per day.

Oil prices are running near one-year highs following the pledge.

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