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Opinion
Liam Denning

OPEC's Year-One Report Card in Five Charts

The cartel's performance shows why it has to keep going in 2018 and beyond.
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Photographer: AKOS STILLER

Last year was the first year of OPEC's latest push to raise oil prices via supply cuts. Now that the data are all in, and with Brent crude having risen by about $10 a barrel across 2017, we can see OPEC was successful -- up to a point. Below are five charts assessing year one of the cuts and the important details beneath the headline figures.

When OPEC announced supply cuts in November 2016, it set a reference level based on the most recently reported set of production according to secondary sources (rather than the figures reported by members themselves; all the data used here reflect the secondary sources series). Each country was then assigned a cut to that level, apart from Iran -- assigned a small increase due to its recent sanctions-related supply constraints -- and Libya and Nigeria, which were too strife-torn to participate.