Saudi Minister of Energy, Industrial and Mineral Resources, Khaled al-Falih, talks during the Energy Dialogue 2016 held at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Riyadh, on November 1, 2016. AFP / FAYEZ NURELDINE
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The oil price jumped after OPEC announced its decision to cut output by around 1.2 million barrels a day.The crude oil market barely batted a sleepy eyelid when the cuts began at the start of January. Saudi Oil Minister Khalid al-Falih said last week that global oil stockpiles have been slower to decline than OPEC had hoped.Total U.S. inventories of crude and refined products remain more than 20 percent above a five-year average level that includes the last two years of rising stockpiles. The increase between October 2016 – the baseline month for OPEC's cuts – and December 2017 is a much more substantial 740,000 barrels.Falih's position on extending the cuts has shifted.
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