Oil market 'responding positively' to output cut

DOHA: Qatar's energy minister, the current OPEC president, said world oil markets were "responding positively" to output cuts implemented by the cartel and some non-cartel 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.