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OPEC can cutback 1m b/d – Malcolm Graham-Wood

FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood cites the Libyan Oil Minister’s comments of Opec scaling back the Oil output to their original target, implying a cutback of 1m b/d.

Key Quotes

“Another quiet day at the office for oil traders, this time next week will be the Opec meeting and of course Thanksgiving Day. The Libyan Oil Minister has said that he thinks Opec will ‘scale back to their original 30m b/d target’ which, even if adhered to would not represent enough to placate markets, that would mean an Opec cutback of up to 1m b/d…”

“The EIA inventory stats came out last night, the stock build was 2.6m barrels of crude oil, not as high as the API number but still the wrong sign for analysts who had expected a draw of around a million barrels.”

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