The biggest news in the oil market last week must be OPEC’s announcement to cut production to a range of 32.5- 33M bpd. More details are expected to be disclosed following the OPEC meeting in November. According to Bloomberg, Algeria’s plan suggests that the members would trim corresponding output by -1.6% from the January-August average, with some exceptions though.
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Weekly Fundamentals – OPEC Cut: Lip Service or for Real?
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