The trick with the Opec agreement is not to view it as a cut to output, but rather as the partial removal of excess crude oil from the global market.
While there is little doubt that OPEC’s agreement to remove 1.2 million barrels per day (bpd) will tighten the global oil market, there is still likely to be plenty of crude around in the first half of next year.
This will likely be the case even if Russia and other non-OPEC producers make good on a commitment to cut production by a further 600,000 bpd. Read More…
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