New York — Oil prices rose about 2% to near three-week highs on Tuesday after Opec said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher as it expects other producers join its efforts to curb a global glut. Opec secretary general Mohammad Barkindo told an industry conference in London that January data showed conformity from participating Opec nations with output curbs had been above 90% and oil inventories would decline further this year. "All countries involved remain resolute in the determination to achieve a higher level of conformity," Barkindo said. The Organsation of the Petroleum Exporting Countries and other producers outside the group agreed in November to cut output by about 1.8-million barrels per day (bpd) in an effort to drain a glut that has depressed prices for over two years. Barkindo said it was too early to say if the supply cut, which lasts for six months from January 1, would need to be extended or deepen...
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