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OPEC Secretary General Mohammad Barkindo told CNBC that the group's credibility is at stake as it implements its deal to cut output by about 1.2 million barrels per day from January 1. He said compliance has been strong and that a decision on extending the cuts beyond June could come at the May 25 meeting.
Brent has risen about 19 percent since the cuts were agreed.
Whether OPEC and non-OPEC producers keep cutting supply determines how fast the global glut drains, which sets crude prices and, through energy costs, the cost of running grain and feed operations.
cnbc.comSam Meredith, Hadley GambleApr 19, 2017After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
