The Wall Street Journal: Oil-output cuts going better than expected, OPEC says

VIENNA — The Organization of the Petroleum Exporting Countries and Russian officials said Sunday they were making good progress on their pledges to cut back crude-oil production and raise global prices.

Saudi energy minister Khalid al-Falih said OPEC’s 13 nations and 11 producers outside the cartel had made collective cuts totaling 1.5 million barrels a day since agreements were struck in late November and early December. Oil prices have risen nearly about 20% since those deals were made, despite widespread skepticism over whether OPEC and other producers would follow through.

Saudi Oil Minister Sees Rising Costs for U.S.

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