Is OPEC’s deal credible and sustainable?
As readers are no doubt aware, OPEC recently agreed a production cut from its August output of 33.2 mb/d (million barrels per day) to a new target of between 32.5 mb/d to 33.0 mb/d. With OECD oil inventories expected at 3,090 million barrels by the end of this year, the agreed production cut is unlikely…