Saudi – Oil supply cut by 1.5 million barrels per day

The countries have already cut oil supply by 1.5 million barrels a day, more than 80% off their collective target, said Saudi Arabia’s Energy Minister Khalid Al-Falih.

Al-Falih said on Sunday that “Compliance is great -- it’s been really fantastic”.

Over the weekend, OPEC and other oil producers agreed on a way to monitor compliance.

The reaction in oil prices is muted. WTI oil and Brent oil front-month contracts were seen changing hands at $53.25/barrel and $55.50/barrel, respectively.