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OPEC detects 'high compliance' with oil cut deal
OPEC said Tuesday oil producers have kept their promise to cut output in accordance with a landmark deal designed to lift petroleum prices. As a result, prices rose in February as last year's accord between OPEC members and some non-members gained traction, the Organisation of the Petroleum Exporting Countries said in its monthly oil report. The oil price recovery was, however, under threat from fresh supply as high-cost producers in the United States started drilling again, encouraged by the price upswing, as well as from rising Canadian production.
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