As Oil Stocks Drain, OPEC Searches for Its Next Fig Leaf - Bloomberg:
"There is no doubt that the output cuts made by OPEC and its friends, aided by a collapse in production from group member and historic quota cheat Venezuela, have drained a lot of excess oil out of the supply chain. Tankers floating full of crude off the coasts of Iran and South Africa have disappeared and total U.S. stockpiles are close to their lowest in almost three years.
But now their goal is within sight, or it may already have been passed. And that creates problems for the producer group.
If inventories are back where they say they want them, but prices haven't recovered as much as they would like, they need to find a way to justify prolonging the cuts to boost their revenues."
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