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Monday, 12 December 2016

Oil output cut deal aimed at inventories, not just raising prices: Goldman Sachs | Reuters

Oil output cut deal aimed at inventories, not just raising prices: Goldman Sachs | Reuters:
"Goldman Sachs said the formal agreement by non-OPEC oil producers this weekend in Vienna to help curb output was reached with a goal of "normalization" of inventories and not necessarily just at raising oil prices.

The Organization of the Petroleum Exporting Countries (OPEC) had previously agreed to cut output by 1.2 million barrels per day (bpd), and on Saturday, 11 non-OPEC producers agreed to join the effort and reduce output by 558,000 bpd.

The cut was short of an initial target of 600,000 bpd but still the first OPEC/non-OPEC output deal since 2001 and the largest contribution by non-OPEC producers ever."

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