OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers both within and outside the Organization of the Petroleum Exporting Countries are likely to phase in the reductions gradually. The collective cut should increase progressively over the first half of 2017 and have its biggest impact on the supply-demand balance from the second quarter onwards. Market tightening should be felt at the start of summer as output cuts are fully phased in, U.S. refineries ramp […]