COLUMN-OPEC's simple problem. Despite Saudi cuts, it's shipping more oil: Russell | Reuters:
"OPEC has finally acknowledged what the oil market already knows, namely that rebalancing is taking longer than expected. Perhaps this is because OPEC is actually shipping more crude. The Organization of the Petroleum Exporting Countries prefers to talk about output when assessing the impact of the deal among members and 11 allied countries to reduce production by 1.8 million barrels per day (bpd). While output is no doubt important, for the immediate market impact it's probably better to focus on what the group is actually exporting."
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