Opec: Oil cuts deeper than expected

Crude higher: The low-temperature isomerisation unit at the Novokuibyshevsk oil refinery plant, operated by Rosneft PJSC, in the Samara region of Russia. International oil prices rose to an 18-month high of more than US58 a barrel after Opec and several non-members agreed on Dec 10 to cut output. – Bloomberg

LONDON: The Organisation of the Petroleum Exporting Countries (Opec) and Russia said they are ahead of schedule implementing their historic agreement to curb oil output and boost prices.

Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected, ministers from the countries said as they arrived in Vienna on Saturday. Producers have already removed 1.5 million barrels a day from the market, according to Saudi Minister of Energy and Industry Khalid Al-Falih.