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1.Market Observations, 8.Was Sticky

2 Dec 2016 (AFR,Bloomberg) – Oil, OPEC: Counting the days: Let the barrel cull begin

(2 Dec 2016, AFR, p20, Liam Denning, Bloomberg)

‘The oil-producer group announced a grand bargain to cut 1.2 million barrels a day from its own production, along with pledges from other countries such as Russia to pull another 600,000 barrels a day off the market. Taken together, the cuts are roughly equivalent to the combined output of OPEC members Nigeria and Gabon. Brent crude jumped by 8 percent to just above $50 a barrel on Wednesday.’



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