PARIS – 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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