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Is OPEC moving the goalposts for its oil market scoreline?

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Saudi Arabia's proposals of new metrics to determine when the oil market is balanced signals a shift in OPEC's targets for a pact on supply cuts that has almost achieved the initial aim of reducing bloated inventories.The Organization of the Petroleum Exporting Countries, Russia and nine other producers cut output from January 2017 by 1.8 million barrels per day (bpd) with the aim of reducing crude stocks in industrialised OECD nations to the five-year average.From a record 3.1 billion barrels in July 2016, OECD stocks dropped to 2.851 billion barrels in ...

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First Published: Tue, March 13 2018. 22:38 IST