In recent days, most of OPEC members have been echoing the term “ oil marketis balancing” now in response to the effectiveness of their landmark 1.8 million barrels per day output cut pact since 2008 along with Russia.
Crude oil prices rose during March 2016 to November 2016 period on the back of optimism that OPEC would intervene by cutting its production.
Finally, in November last year OPEC announced its 1.8mbpd output cut deal with Russia for six months effective from January 2017, out of which 1.2mbpd would be OPEC’s share. Read More…
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