Positive development. Another is Canada is cutting over 300 thousand barrels a day. The market is slightly oversupplied currently with world production being about 1.3 million b/d more then world consumption. Another way to say it is oil is about 1 percent oversupplied compared to consumption. Canada cutting just took 1/4 of that off. Now OPEC just needs to cut about 1 million barrels. Small cut, hopefully they are smart enough to do it. Then add next year new IMO standards go into effect which takes away 1.5 million b/d.
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