The first day of 2017 was to signal the start of production cutbacks totalling nearly 1.8 million barrels per day, and, touch wood, the initial signs are promising.
The shock of the 2014 oil price collapse appears to have made a deep enough impression on producers dependent on oil exports for the bulk of their national incomes.
Kuwait said this week its production would fall by about 130,000 bpd in the first quarter of the year.
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