The agreement between OPEC and non-cartel oil producers to reduce supply would help draw down the huge global inventory build by the third quarter of this year, S&P Global Platts said in its Oil and Gas Outlook for 2017. Like every expert and analyst out there, Platts also hinges its estimates on compliance to the deal and on the wildcards Libya and Nigeria, the two OPEC members exempt from cuts due to civil unrest and militant attacks, respectively. “Just how fast the market rebalances will depend on the discipline to enforce and maintain the cuts across a disparate group of oil producers, especially with crisis-ravaged OPEC members Libya and Nigeria exempted from the agreement, but with the potential to see large additions in output,” Platts said. Compliance to the OPEC/NOPEC deal to cut output would be critical in ensuring that the floor on oil prices holds, while the pace […]