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Post Tue May 15, 2018 7:20 am

With glut almost gone, OPEC still cuts more than oil pact demands
Indeed, the report showed OPEC for now is cutting more supply than the group has pledged under the pact.

By Alex Lawler, Reuters News

LONDON - A global oil glut has been virtually eliminated, figures published by OPEC showed on Monday, thanks to an OPEC-led pact to cut supplies that has been in place since January 2017 and due to rising global demand.

Despite this, OPEC's latest report also said producers were cutting more than required under the deal, while producers not party to the agreement, such as U.S. shale companies, were starting to face constraints on future output.

Saudi Arabia, the world's biggest oil exporter and de facto leader of the Organization of the Petroleum Exporting Countries, told OPEC it cut output in April to its lowest level since the supply deal began in January 2017.

The OPEC report said oil inventories in OECD industrialised nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017.

Looks like they want further rises, and they want the rise in price to level off and stay at their chosen figure this time after the huge issues they all had to deal with when it fell from $100 previously.

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