Worldwide oil market grows as exporters control output

The global oil market will closely observe members of the Organization of Petroleum Exporting Countries this year as they maneuver to maintain prices and market share as demand fluctuates and geopolitical tensions affect production. In December the organization agreed to raise its output target with the goal of reducing exports this year, reasoning that higher targets would influence individual countries to more closely comply. Click here to enlarge imageEffective Jan. 1, output by all members excluding Iraq was set at 23 million b/d. This is up from an output target of 21.7 million b/d that stood for all of last year. The supply of crude from OPEC, including Iraq, far exceeded this tar...

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