Oil Market 'Responding Positively' To Production Cut: OPEC

Doha: Qatar's energy minister, the current president of the Organization of the Petroleum Exporting Countries (OPEC ), said world oil markets were "responding positively" to output cuts implemented by OPEC and some non-OPEC producers.

"I think the market is responding positively and you can see the drop in supply," Mohammed Saleh al-Sada told reporters.

OPEC and non-OPEC producers led by Russia agreed in December to cut output by nearly 1.8 million barrels per day, initially for six months, starting from the beginning of this year.