OPEC must enact cuts for sustained oil price rise, says IEA

PARIS. — The International Energy Agency says OPEC countries must swiftly deliver on promised cuts if they want a sustained increase in oil prices. In its monthly report yesterday, the IEA said production from the Organisation of the Petroleum Exporting Countries hit a record high in September of 33,64 million barrels a day. Iraq produced more oil than ever, while Libya reopened oil ports.The IEA also said output from non-OPEC member Russia hit a post-Soviet record.With supply running high, the IEA said demand is slowing along with the global economy.

The IEA forecast that the market will remain oversupplied through mid-2017 if OPEC doesn’t enact last month’s pledge to cut supply to between 32,5 and 33 million barrels per day.Oil prices are running near one-year highs following the pledge. — AP.