OPEC discipline and a strong first quarter earnings performance brighten the day for oil and gas companies. Further output cuts by OPEC are no longer essential to support the market, says Centre for Global Energy Studies (CGES), London, unless the February agreement starts to fall apart (OGJ, Mar. 15, Newsletter). March oil price resilience suggests the market has made inroads into the stock overhang that has depressed prices since fourth quarter 1992, CGES contends.

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