The Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries have implemented 86 per cent of agreed output cuts, the producers said on Friday in Vienna.
The producers noted that there was still room for improvement in oil prices, commending OPEC and other oil production countries.
OPEC and a group of 14 other exporters, including Russia, decided late last year to take a total of 1.76 million barrels per day (bpd) off the market to boost oil prices.
The implementation committee of the involved countries said it was satisfied with the progress made so far, but it “urged all parties to press on towards full and timely conformity,’’ the committee said in a statement.
While OPEC has agreed to shoulder 1.2 million bpd of the cut starting in January, the non-OPEC countries pledged to reduce their output by 558,000 bpd.
As OPEC reported earlier this month that its own members had cut even more than required in January’s figure suggested that the other involved countries have not yet done their part.
As a result of the output cut decision, oil prices have stabilised above 50 dollars per barrel in recent weeks.
Oil-producing countries took action late last year as low prices not only hurt their revenues, but also caused oil companies to cut investments into production fields.