A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson
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With Donald Trump set to enter the White House in January and populists on the march across Europe, political risk will loom large in 2017 .OPEC members agreed on Nov. 30 to cut output next year by a collective 1.2 million barrels a day, or about 4 percent of what they pumped last month, in an effort to support prices.Global stockpiles of crude oil and fuels, which are near record levels after two years of low prices, will provide an additional cushion against small or short-lived halts in supply. After three years of volatile oil prices, analysts expect a much quieter year in 2017 . Oil supplies are vulnerable to political risk because production is concentrated in a small number of countries, many of them unstable.
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