Big oil traders doubt OPEC deal will bring heavy supply cuts
OPEC's deal to cut oil production is unlikely to result in a substantial reduction in actual supplies, some of the world's biggest oil trading companies said on Wednesday, meaning the market is unlikely to rebalance until well into 2017.
The price of crude oil has stabilised around $50 a barrel since the Organization of the Petroleum Exporting Countries agreed the output deal on Sept. 28, but rising production from Libya and Nigeria -- both members of the producer group -- casts doubt over the agreement's effectiveness, the heads of trading firms Gunvor and BB Energy told the Reuters... read more
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