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The recent oil price revival has continued unabated despite the 17 April gathering of oil producers in Doha failing to agree to a long mooted output freeze.
Initially the muted response was ascribed to an oil sector strike that started in Kuwait on the same day and which wiped out around 1.7mn b/d of production (MEES, 8 April). With IEA figures indicating global supply will outstrip demand by 1.3mn b/d in Q2 2016, this outage provided a handy explanation as to why Brent prices closed at $42.91/B on Monday 18 April, down just 20¢/B on Friday’s close despite the Doha failure. (CONTINUED - 963 WORDS)
DATA INSIDE THIS ARTICLE
|table||OPEC 2016 Oil Export Revenue Would Be 36% Down On 2015 Based On Average Year To Date Prices ($Bn)|