OPEC Members Exported at Record Levels Ahead of Production Cut Deal

January 4, 2017 Share Print 0

Three countries responsible for more than half of OPEC’s planned production cuts exported at or near records through the end of 2016, according to Matt Smith, director of commodity research at tanker-tracking firm ClipperData.

Saudi Arabia, Kuwait and the United Arab Emirates have pledged to reduce their combined output by 756,000 barrels a day from October levels. The Organization of the Petroleum Exporting Countries in November agreed to take 1.2 million barrels a day off the market in a bid to reduce huge stockpiles of crude that have built up in recent years.

More than two years of low oil prices sparked a battle for market share among OPEC members. Record-high export levels through the end of 2016 show that battle continued to the very last day of the year, Smith said.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.