Expert Analysis: The OPEC Cuts May Be Working

By OilPrice.com – WTI traded to a 3.5 month low on Tuesday at $47.09 after OPEC members shook production cut deal confidence for a second straight week. Saudi Arabia contributed to bearish concerns by reporting February production of 10.01m bpd for a 263k bpd m/m increase (secondary source estimate for Feb was less than 9.8m bpd) while Iraq released a goal of producing 5m bpd by the end of 2017. – We continue to have a short term positive view of sub $50 WTI choosing to focus on IEA estimates that OPEC is 90 percent compliant with their 1.2m bpd production cut…

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