With OPEC finally announcing a long anticipated production cut at the end of last year, Will Riley, Jonathan Waghorn & Tim Guinness, members of the Guinness Global Energy Team, share their outlook for the global oil market in 2017.
The outlook for world oil supply in 2017 starts with consideration of planned OPEC production cuts, designed to accelerate the rebalancing of the oil market that started in 2016. OPEC supply The start of 2017 marks the start of a significant change of strategy for OPEC. The 'market share strategy' of November 2014 proved to be a necessary but expensive strategy for OPEC, and Saudi in particular whose fiscal reserve have fallen from $750bn at the end of 2014 to an estimated $520bn at the end of 2016. The new OPEC production quota of 32.5m b/day comes into effect for six months from 1...
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