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Deeper cuts announced by OPEC+ in December should do a good job in supporting oil prices around current levels over the first quarter. But we still think the group will need to take action to tackle the surplus over the second
OPEC performance
OPEC as a group has done well this year in sticking to its production cuts, with year-to-date compliance averaging around 137%. That strong overall number does, however, mask the lack of individual compliance by some members. Saudi Arabia has