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OPEC Considers Moving the Goalposts - Here's Where They Might Go [Bloomberg Business News]

CITIGROUP (C)  More Company Research Source: Bloomberg Business News
Last citigroup earnings: 7/13 07:59 am Check Earnings Report
US:NYSE Investor Relations: citigroup.com/citi/investor/pres.htm
PDF After a year of production cuts, OPEC and Russia are finally near their goal of shrinking the world’s swollen oil inventories. So why are they planning to change their target ? The answer lies somewhere between the murky and incomplete nature of oil data and the competing interests within the producers’ group. The 24-country alliance wants to reduce oil stockpiles to their five-year average, a goal that is almost at hand according to figures from the International Energy Agency. Yet Saudi Arabia and Russia now say that metric is flawed -- distorted by years of excessively high supplies and patchy data outside developed economies. Choosing a different measure of success could further reinforce the need for supply curbs to continue for the whole of 2018 -- something Saudi Arabia is keen to ensure as it prepares the historic initial public offering of its state oil company. Other methods might indicate the rebalancing of the market is already complete, potential [Read more]

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