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Demostenes Floros | abo.net

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In February, oil hovered firmly around $55/ barrel with both OPEC and non-OPEC countries moving forward with their production cuts despite Libya and Nigeria, exempt from the agreement, increasing their local extraction level

In February, oil prices were steady at around $55/b because, both OPEC, and non-OPEC countries have been carrying on their reduction programme in full compliance, despite the fact that Libya and Nigeria, which are exempt from cuts, have increased their extractions. Precisely, according to the International Energy Agency, the oil producers linked to the 2016 November agreement cut 1.04 million barrels out of 1.16 million barrels promised.

From a geopolitical point of view, it is interesting to put into light that the OPEC countries, which indirectly fought the war in Syria and lost it, such as Saudi Arabia and Qatar, have slashed their output more than they had to do. Among the non-OPEC producers that won that war, the Russian Federation has been respecting its cut plan in full compliance too.

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