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Opec's Venezuelan supply problem

It's hard to see how the Opec-non-Opec agreement would survive a steep decline in Venezuelan oil output in 2018

The biggest point of contention during the Opec meeting on 30 November, say people who were in the room, was the plan to impose a cap on Libya's and Nigeria's oil output. The outcome wasn't clear. Opec's communiqué said nothing, leaving Saudi oil minister Khalid al-Falih to announce that they had agreed not to exceed their 2017 highs in 2018. It meant, he said, that there would be "no surprises" for the market. In terms of something for bulls to latch onto, that was about it from the Opec meeting. Otherwise, the key takeaway of the deal was that it would be subject to review during the year-at the next group-wide meeting in June, for sure, but also at compliance-monitoring meetings before t

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