OIL PRICE LEVEL: $60 - 70
MEOG - The Vienna Alliance of OPEC and non-OPEC oil producers decided in December 2018 to reduce oil supply from October levels by a collective 1.2mmbpd starting in January 2019, effectively reversing a supply expansion of 1mmbpd that was agreed at its last meeting in June. OPEC will account for 800,000 bpd of that cut, and 10 non-OPEC members of the alliance will account for the remaining 400,000 bpd. Saudi Arabia and Russia, the two largest producers in the alliance that accounted for the lion's share of increased output in recent months, will nominally be reducing supply the most. Had the alliance failed…
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