OPEC, Russia Find Reasons to Keep Cutting After Hitting Goal - Bloomberg:
"The oil stockpile surplus that’s weighed on prices for three years is all but gone, but instead of celebrating victory OPEC and Russia are finding reasons to continue production cuts.
The group’s historic agreement has achieved impressive results, wiping out 97 percent of the targeted inventory surplus. Yet the cuts should continue because another important goal -- boosting investment in oil and gas production back to sufficient levels -- remains far out of reach, said Saudi Energy Minister Khalid Al-Falih.
His most important ally, Russian counterpart Alexander Novak, agreed there’s no reason to stop just because the pact’s initial goal -- stockpiles back in line with the five-year average -- is at hand."
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