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Wednesday, 3 May 2017

Opec oil exports under scrutiny as crude price sags

Opec oil exports under scrutiny as crude price sags:

"As oil prices languish near $50 a barrel, energy traders are starting to point the finger at one previously overlooked culprit: exports. For all Opec’s self-imposed production restraint the group’s exports have fallen by less than their output cuts might imply. Morgan Stanley analysts say that while Opec has hit its target by cutting as much as 1.4m barrels a day of output to try and support the market, shipping data suggests the group’s exports have declined by less than 1m b/d since the start of the year."



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