The compliance of OPEC+ with oil production cuts in October stood at 101%, Reuters reported on Friday, citing two OPEC+ sources familiar with the matter.
Meanwhile, Russia’s Rosneft noted that it is currently in complete compliance with its pledged output reduction.
Market reaction
Crude oil prices remain under modest bearish pressure on Friday. As of writing, the barrel of West Texas Intermediate (WTI), which touched a multi-month high of $43.03 earlier in the week, is currently down 1.3% on the day at $40.35.
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