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OPEC Gets a Surprise After Oil Cuts: Higher Stockpiles

  • Developed-nation inventories higher now than before OPEC cuts
  • OPEC struggling to clear stockpile increase in January
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Oil Analyst Says OPEC Must Maintain the Cut

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When OPEC and Russia meet next month to assess the impact of their oil cuts they face a surprising outcome: stockpiles are even higher than when they started.

Inventories have started to decline, but by the time ministers gather in Vienna on May 25, developed nations still won’t have burned through the big stockpile increase caused by a surge in OPEC output just before the cuts came into force, data from the International Energy Agency indicate.