The oil market is in a “wait-and-see mode” as OPEC implements its production cuts, with the record level of compliance boding well for tighter conditions, the IEA said in its latest Oil Market Report. The Paris-based energy agency said that OPEC’s 90 percent compliance rate was a record high for the group, which took collective production down to 32.1 million barrels per day (mb/d). And while it is still early and the data is still murky, “OPEC nevertheless appears to have made a solid start to what is a six-month process. This first cut is certainly one of the deepest in the history of OPEC output cut initiatives,” the IEA said. Saudi Arabia, Qatar and Angola appeared to have cut more than they promised . The additional cuts of 558,000 bpd promised from a litany of non-OPEC countries is a little less clear – the IEA projects that Russia […]