CARACAS, Venezuela (Reuters) -- Members of the Organization of the Petroleum Exporting Countries are complying with 86 percent of output cuts agreed upon over the last year, underpinning a rise in crude prices, Venezuela's Oil Minister Rafael Ramirez said on Sunday.
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| Venezuelan Minister of Energy & Petroleum Rafael Ramirez. AFP PHOTO |
OPEC in May agreed to keep oil output levels steady because of signs of recovery in the world economy and an increase in oil prices over the last few months.
"The price of oil has been recovering largely because of the cuts of 4.2 million barrels per day that OPEC has made (since September) and 86 compliance with that," Ramirez said during President Hugo Chavez's weekly television show.
A Reuters survey published on Wednesday said compliance with the cuts had slipped to 75 percent from a peak of 81 percent in March and April. The International Energy Agency said compliance was at 78 percent in April-May, well above a historical OPEC compliance of 60 percent.
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