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One month in to the implementation Opec’s historic deal to cut output by a combined 1.76mn b/d with 11 non-Opec countries there is one obvious ‘winner.’ And it is not a party to the deal.
Brent crude prices for January averaged $55.45/B, up $8/B on November 2016 (though the deal took effect 1 January, the anticipated impact boosted December’s prices).
This has been enough to get North American shale producers back to work. The US onshore oil rig count rose by a further 15 over the week to 27 January to stand at 566, a rebound of 250 or almost 80% from its May 2016 low. (CONTINUED - 1774 WORDS)