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The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day,
To avoid making significant cuts to high-value oil exports in order to meet loss-making domestic demand, Saudi Arabia will need to boost output as consumption at home rises.
Reducing output more than it needs to now gives it the flexibility to do just that, while still abiding by its commitment on an average basis over the six-month life of the deal.
Iraq’s oil exports are poised to slump to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments
At the time when producers signed the deal, the initial commitments were to gradually increase cuts until April and May, so we were expecting to see some producers not fulfilling the 100 percent cuts
For more analysis and charts of today’s oil price movements, visit the Oil Prices Daily Newsletter for 2/13/17
Commodity Research Group – February Oil Market Report
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