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Oil & OPEC
www.investing.com/analysis/com%C3%A9rcio-internacional:-quest%C3%B5es-reformuladas-200174062
Oil & OPEC
By AvaTrade | Jan 30, 2017 06:43AM ET The Organization of the Petroleum Exporting Countries supply-cuts are decreasing this month as the members aim to curtail supply to help boost the demand of the commodity.
OPEC’s exports will decrease by 900,000 barrels per day in the month of January. The reduction makes up 75% of the overall agreed-upon cut. Russia, one of the largest producers of oil, aims to support the group by cutting its oil supply.
As a result of the efforts made by OPEC and non-OPEC members to curtail their supply, we have seen a boost in the price of oil, crude oil now hovers between $52-$53 a barrel.
While most of the participants have adhered to the measures, some have lagged. Iraq’s contribution to the price manipulations have faltered. Following years of war and sanctions on its oil industry as well as years of a bloated government spending, the country is in a difficult position.
Oil traders have been sceptical about the group’s ability to stick to supply-cuts.
To combat this scepticism, countries such as Saudi Arabia have said they will cut more than agreed.
However, there may be little change to the price of oil in the near future. Oil will need more of a disruptive force to move the price from this equilibrium it has found, given the current supply and demand of the commodity.
US oil drillers are gearing up to rise their production. Estimates suggest however, that the total output of US oil will not surpass the supply cut of OPEC and non-OPEC members.
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Oil & OPEC
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