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Friday, 27 April 2018

Oil investment may prove a tricky target for OPEC | Reuters

Oil investment may prove a tricky target for OPEC | Reuters:

"It’s “mission accomplished” for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months.

The Organization of the Petroleum Exporting Countries, which supplies a third of the world’s oil, agreed to curb output by 1.8 million barrels per day jointly with 10 other producers including Russia until stocks returned to more normal levels.

 The overhang of unwanted crude and oil products has reached OPEC’s target, but the group now says it would rather see a pickup in investment, which fell by $1 trillion (719.01 billion pounds) in the three years of surplus and weak prices that started in June 2014."



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