All attention was on the Middle Eastern countries – Saudi Arabia in particular – when OPEC reached agreement last week to reduce oil production by 1.2 million barrels a day in the first half of 2017. A deal which has triggered a major increase in the oil price and renewed faith in the global oil market.
But to a great extent, the market has focused on the wrong half of the deal. Because while it was more or less expected that Saudi Arabia would agree to a cap on its oil production, it is much more surprising that several oil producing nations outside of OPEC have agreed to reduce their output, assesses global analyst agency S&P Global Platts.
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