In the report, OPEC pointed to an increase in its members' compliance with the deal, according to figures from secondary sources that OPEC uses to monitor output.
In the USA, higher oil prices triggered by the OPEC agreement have spurred investment in the shale industry, potentially signally another production boom that could undermine OPEC's goal of rebalancing the market.
However, with the OPEC announcing its plans to cut down its oil output to reverse the slide in oil prices, commodity prices rose sharply, improving the bleak outlook of the industry. As OPEC compliance comes under scrutiny once more, hark, here are five things to consider in oil markets today.
"For those looking for a rebalancing of the oil market the message is that they should be patient, and hold their nerve", the IEA said in its monthly report.
"We think that in the long term global oil demand dynamics and reduced investment during the period of ultra low prices will balance the market, but that the risk of a price war resuming remains, " the spokesman said.
He said, "the market clearly believes that there are cracks in the Saudi commitment to the production cut deal".
Saudi Arabian Energy Minister Khalid Al-Falih discusses U.S. -Saudi relations, oil prices and OPEC production cuts.
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After the release of the report, oil prices fell close to $50 a barrel, the lowest since November. May Brent crude shed 7 cents, or 0.1%, to $51.74 a barrel on the ICE Futures exchange in London.
OPEC said its production, including Nigeria and Libya, fell by 140,000 bpd in February to 31.96 million bpd, led by a large Saudi cut.
U.S. oil prices rose more than 2% in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in United States crude stockpiles and Goldman Sachs put a positive spin on Opec's compliance with output cuts. The nation is pumping 9.09 million barrels a day, the most in more than a year.
Prices fell sharply last week as investors anxious that swelling USA crude supplies would hinder Organization of the Petroleum Exporting Countries's (OPEC) efforts to restrict output and reduce a global glut. The contracts ended 89 cents and $1.14 higher respectively Wednesday.
Citing a survey by Baker Hughes, an oil firm, OPEC said the number of American oil rigs had risen for seven consecutive weeks and was now 55 percent higher than a year ago.
Nevertheless, the non-OPEC output was seen "slightly higher following rising output from Kazakhstan and Sudan/South Sudan and with Russian production essentially unchanged", it added. The IEA left its estimate of global demand growth unchanged from its last report at 1.4 million bpd in 2017.
OPEC's 13 member countries together produce one-third of the world's oil.