IEA says 'mission accomplished' on Opec oil recovery

The IEA claims the world’s largest oil producers may be about to claim success in their bid to drain the global oil market of excess crude. The IEA said its data shows that oil inventories have decreased close to normal levels for the market  after over a year of production cuts led by Saudi Arabia.  This could mean that OPEC  may soon declare the unprecedented diplomatic accord struck in 2016 between Opec members and an alliance of large producers outside of the cartel, led by Russia, a success. The deal committed countries to cap their oil production so that rising demand for crude could slowly erode the glut which built up following US shale exploitation and the fall in prices.