“There’s a second story,” Birol said.
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OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that's being supported by surprising strength in demand, the International Energy Agency said.OPEC is joined by 11 non-members including Russia and Kazakhstan, who implemented 269,000 barrels of their pledged cut of 558,000 barrels a day last month, preliminary agency data shows.Even if those reductions are made, total supply from outside OPEC will increase by 400,000 barrels a day this year after plunging in 2016, due to gains in Brazil, Canada and the U.S. Non-OPEC nations will pump an average of 58 million barrels a day in 2017, about 100,000 a day more than predicted in last month's report.The 11 OPEC nations bound by the accord reduced output by 1.12 million barrels a day to 29.93 million a day last month, with Saudi Arabia delivering 116 percent of the curbs it had promised.
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