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Market Movers – Data in OPEC’s latest edition of the Monthly Oil Market Report suggests that deeper production cuts will be needed to balance the oil market. Production for the cartel was up in October from September, as Saudi Arabia regained its footing after the attacks on Aramco oil infrastructure and as Venezuela managed to pull a rabbit out of its hat, increasing production to 687,000 bpd in October from 644,000 bpd in September. Still, October production for the cartel was below August production. But the real kicker is that OPEC oil…
Read more https://oilprice.com/Energy/Energy-General/Worrying-Data-For-OPEC.html