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For the Chinese 2018 is the year of the dog, but for UAE Energy Minister Suhail al- Mazrouei 2018 will be “the year of fully correcting the market.”
Mr Mazrouei, beginning his one-year term as Opec president, told the Gulf Intelligence UAE Energy Forum on 11 January that Opec is committed to another “full year” of cuts in accordance with November’s agreement ( MEES, 1 December 2017 ).
For sure, Opec last year secured its first annual output fall since 2014: production averaged 32.49mn b/d. However, the big caveat is that this was just 130,000 b/d shy of 2016’s record 32.62mn b/d and the second highest on record. That said, the cut was implemented despite Iran, Libya and Nigeria all chalking up sizeable production gains as they bounced back from geopolitical outages.
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