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OPEC Oil Output Falls From Record Highs

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OPEC Production Cuts Help Support Oil Futures, Market Reservations Persist

OPEC Production Cuts Help Support Oil Futures, Market Reservations Persist*/

– The production cuts by Saudi Arabia and Kuwait have helped support underlying sentiment, but expectations of an increase in US production have helped curb potential gains in oil futures.The headline draw in the Energy Information Administration (EIA) inventories data was much larger than expected at 7.1mn barrels, but the positive boost to sentiment was offset by very substantial weekly build in gasoline and distillate with the latter increasing by over 10mn barrels for the week.The production data had little impact with marginal 0.04% increase on the week.
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OPEC Oil Output Falls From Record Highs

OPEC Oil Output Falls From Record Highs*/

– A newly released survey by Reuters indicates that OPEC oil output in December fell from its record high – for the first time since May – falling to 34.18 million barrels per day, down from 34.38 million in November.This is supported by a tweet from a Wall Street Journal reporter that the Saudis have already cut output to honor the OPEC pledge.WSJ reporter Georgi Kantchev tweeted on Thursday that Saudi Arabia has already cut oil output by at least 486,000 barrels per day to 10.058 million barrels per day.
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