OPEC production cut ‘no longer required’ to keep oil over dlrs 50

The need for OPEC to make an output cut to support prices and prevent them falling below dlrs 50 per barrel (dpd) is no longer required, according to the Centre for Global Energies Studies (CGES).

The oil market has tightened over the past month, reducing pressure on OPEC for a production, which may now not arise until the second half of this year, the London-based analysts said in their latest monthly oil report.