The global oil market is clearly moving back towards balance thanks to OPEC+ production cuts. OPEC production has fallen 1.98MMbbls/d from October levels, far exceeding the agreed OPEC cut of a little over 800Mbbls/d. Whilst a large part of this has come down to agreed OPEC cuts, production declines in exempt countries have also played a key role. Venezuelan oil output is estimated to have fallen from 1.19MMbbls/d in October to 890Mbbls/d in March while output from Iran has fallen from 3.33MMbbls/d to 2.71MMbbls/d due to sanctions. Declines from these two exempt countries account for almost 47% of the reduction seen ... (full story)