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Thursday, 19 January 2017

Opec’s own numbers suggest deeper cuts needed

Opec’s own numbers suggest deeper cuts needed:

"Opec’s own projections for the oil market show the cartel needs to maintain or increase output cuts beyond the first half of this year if it wants to finally balance the market, with supply still threatening to overwhelm demand in 2017. In its closely watched monthly report, Opec forecast demand for its crude this year would average just 32.1m barrels a day, an increase on 2016 but still below its target output level of around 32.5m b/d, reports David Sheppard in London. The forecast from Opec’s in-house analysts comes after Saudi Arabia, the largest and most powerful member in the 13-member cartel, suggested this week that the output cuts agreed in November may not need to be extended beyond the first half of this year."



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