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OPEC Considers Moving the Goalposts - Here's Where They Might Go

  • Saudis, Russia say 5-year stockpile average is flawed measure
  • Changing the target could reinforce need for full year of cuts
Russian Oilfields, Pumping Jacks And Storage Operated By Bashneft PAO

Photographer: Andrey Rudakov/Bloomberg

After a year of production cuts, OPEC and Russia are finally near their goal of shrinking the world’s swollen oil inventories. So why are they planning to change their target?

The answer lies somewhere between the murky and incomplete nature of oil data and the competing interests within the producers’ group.