Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohamed Barkindo said Wednesday all oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry's five year average and restoring stability to the market.

Speaking at the 3rd annual Gulf Intelligence media forum in Abu Dhabi, the United Arab Emirates, Barkindo said compliance data in March shows "higher conformity" with the OPEC output cut deal.

He added the agreement was a "work in progress." In order to stabilize oil markets, 10 out of 13 OPEC member states pledged in December 2016 to trim oil production for six months by 1.8 million barrels per day.

The agreement followed negotiations lasting for months after the OPEC basket price fell to 14-year low (at 22.5 dollars per barrel) in January last year, weighing on fiscal budgets of oil producing countries. Iran, Nigeria and Libya received special concessions.

OPEC will review policy for the second half of this year at a May 25 meeting.

(Source: Agencies)