Crude oil: where these cuts are going to come from?
|Crude oil has drifted back in the last couple of days, production is obstinately high, reports yesterday that Opec output in November was up to 34.2m b/d and that Russia was up to 11.2m b/d. Add to that news of first Saudi Arabia and then Kuwait cutting prices to Asian customers and one can be rightly accused of wondering where these cuts are going to come from and if 1.5m b/d will be enough.
The inventory figures this week have been most confusing, mainly bigger draws than expected but yesterday’s 2.4m from the EIA disguised a 3.7m build at Cushing similar to the API number on Wednesday.
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