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Thursday, 6 April 2017

Middle Eastern oil producers still have strong hand

Middle Eastern oil producers still have strong hand:

"Just as the oil market sags under the weight of excess supply and mounting inventories, a look beyond the horizon could present a somewhat different perspective. Opec’s leading producers, notably Saudi Arabia and its Middle East partners, now struggling to sustain the agreed output cuts to shore up prices, appear to be missing their target of balancing the market in 2017. The short-term outlook for Middle East oil therefore looks dim. The longer term, however, appears more promising. There is no doubt that the past decade has seen the position of Opec weakened by the growth of non-Opec sources of oil and gas, notably US shale and Canadian tar sands."



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