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Monday, April 24, 2017
OPEC countries cut oil output in March by more than they pledged, according to figures the group published in a monthly report on Wednesday, as it sticks to an effort to clear a supply glut that has weighed on prices.But the Organization of the Petroleum Exporting Countries also raised its forecast of oil supplies from non-member countries in 2017 as a recovery in oil prices encourages US shale drillers to pump more, reducing demand for the group's oil this year.Compliance in March by the 11 OPEC members with output targets under a supply cut deal averaged 104%, according to a Reuters calculation based on production figures OPEC published.
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