Oil prices fell about 1 percent on Monday as signs of a strong recovery in U.S. drilling overshadowed news that OPEC and non-OPEC producers were on track to meet output reduction goals. Ministers representing members of the Organization of the Petroleum Exporting Countries and non-OPEC producers said at a meeting in Vienna on Sunday that of the almost 1.8 million barrels per day they had agreed to remove from the market starting on Jan. 1, 1.5 million bpd had already been cut.

U.S. oil ticked lower on Monday, falling for the first time in three sessions as prospects of rising U.S. production weighed on the market. U.S. energy companies last week added the most rigs drilling for new production in almost four years.

U.S. oil ticked lower on Monday, falling for the first time in three sessions as prospects of rising U.S. production weighed on the market. U.S. energy companies last week added the most rigs drilling for new production in almost four years.

Untethering the ruble helped Russia ride out the biggest oil downturn in a generation. But it’s left the world’s biggest energy exporter vulnerable to greater volatility in crude prices as OPEC pushes output cuts.

OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply. The countries have already cut oil supply by 1.5 million barrels a day, more than 80 percent of their collective target, since the deal took effect on Jan. 1, Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih told reporters in Vienna.

Their bets on rising West Texas Intermediate crude prices reached the highest in data going back to 2006 as the Organization of Petroleum Exporting Countries and other producers reduce output to balance the market. Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected, ministers from the countries said over the weekend in Vienna as they gathered for the first meeting to monitor adherence to their output-cut accord.

OPEC and key non-OPEC oil producers are near their target of taking 1.8 million barrels of crude a day off global markets less than two months after agreeing to do so in efforts to push up the price of crude, Russia’s energy minister said Sunday. Alexander Novak’s upbeat comments to reporters came at the end of the first meeting of a joint OPEC-non-OPEC committee set up to monitor compliance to the Dec. 10 agreement.

OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply. The countries have already cut oil supply by 1.5 million barrels a day, more than 80 percent of their collective target, since the deal took effect on Jan. 1, Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih told reporters in Vienna.

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OPEC and Russia said they are ahead of schedule implementing their historic agreement to curb oil output and boost prices. Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected, ministers from the countries said as they arrived in Vienna on Saturday.

Oil prices rose more than 2 percent on Friday on expectations that a weekend meeting of the world’s top oil producers would demonstrate compliance to a global output cut deal, but rising U.S. drilling activity limited gains. Members of the Organization of the Petroleum Exporting Countries and some other producing countries including Russia, will meet in Vienna to establish a mechanism to verify compliance with a deal to cut output 1.8 million barrels per day , OPEC’s secretary general told Reuters.

OPEC said its output fell for the first time in seven months and forecast a drop in output from Russia, its partner in an agreement to clear the global crude surplus. Saudi Arabia, OPEC’s biggest member, reduced production last month ahead of an accord that took effect on Jan. 1, the Organization of Petroleum Exporting Countries said in a report Wednesday.

Brent crude futures, the international benchmark for oil prices, were down 82 cents $54.65 a barrel at 1008 GMT. U.S. shale production is set to snap a three-month decline in February, the U.S. Energy Information Administration said on Tuesday, as energy firms boost drilling activity with crude prices hovering near 18-month highs.

Global oil prices resumed their upward march Tuesday, boosted by a weaker U.S. dollar and a further commitment to OPEC agreed production cuts from Saudi Arabia. Global oil prices resumed their upward march Tuesday, boosted by a weaker U.S. dollar and a further commitment to OPEC agreed production cuts from Saudi Arabia.

Oil prices settled up on Monday, as Saudi Arabia’s commitments to reducing production offset a report forecasting U.S. output would again rise this year. The Organization of the Petroleum Exporting Countries has agreed to cut production by 1.2 million barrels per day to 32.5 million bpd from Jan. 1 in an attempt to clear a global oversupply that has depressed prices for more than two years.

Oil prices were under pressure on Monday due to doubts that large oil producers will reduce production as promised and on expectations that U.S. production would increase again this year. Benchmark Brent crude oil was up 8 cents a barrel at $55.53 after being down for most of the day by 1416 GMT and U.S. light crude was flat at $52.37 a barrel.

Global oil prices will witness “much more volatility” in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency said on Sunday. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed by independent producers such as Russia, Oman and Mexico.

Oil prices are on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009. Brent crude futures, the international benchmark for oil prices, were trading 20 cents down at $55.81 a barrel at 1004 GMT on Friday.

Energy traders have spent weeks mulling over an agreement among OPEC nations to cut oil supplies, in a move to boost oil prices. The jury is still out on that move, but in the meantime, there is another commodity production cut on the table that really should move prices on one energy source – uranium.

Domestic crude stockpiles increased by 4.1 million barrels less than two weeks after OPEC initiated production cuts to rebalance the global oil market. U.S. oil is back with a vengeance to start off 2017, but oil prices were rising even though U.S. crude stockpiles increased for the first time since OPEC implemented production cuts with the intent to rebalance the global oil market.