Shale Revival Looms Over Oil Prices and Spreads

Reuters| John Kemp

OPEC’s production cut is expected to cut global inventories down by 300 million barrels.

Saudi Arabia’s energy minister has predicted production cuts by OPEC and non-OPEC countries will reduce global oil inventories by 300 million barrels by the middle of 2017. Six months of full compliance with the agreement would cut inventories to their five-year average and make any extension of the accord unnecessary, according to Khalid Al-Falih. Crude exporters have been talking up compliance with the pact over the last two weeks to validate market expectations and steady prices.

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