Though the OPEC has often justified its production cuts as a way to keep oil markets balanced, its data shows that the reductions are placing downside pressure on global stockpiles.
As an example, commercial crude stocks among members of the Organization for Economic Cooperation and Development were 114 million barrels below their 2015-2019 average.
According to Bloomberg, Saudi Arabia may be aiming to bring oil price levels up to $100 a barrel as a way to finance costly domestic projects.
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