Organization of Petroleum-Exporting Countries

Despite earlier comments that the Saudis did not appear to have implemented their output cut (as per OPEC agreement), WSJ reports that Saudi Arabia cut oil output - fully implementing OPEC cut pledge. Oil is bouncing on the news.

From this morning - no cut!:

 Saudi Arabia crude supplies have been abundant and doesn’t look to be cutting, Takashi Hirose, Executive Vice President at TonenGeneral, says in Tokyo on Thursday.

And now - Fully cut...

Back on December 15, two weeks ahead of the day the OPEC production cut agreement was set to begin, according to which some 1.2 million barrels per day in oil production from OPEC member states would be removed, a report emerged that contrary to its mandated production cut of 210Kbpd, Iraq was actually preparing to boost its exports by 7%.

Oil prices hit 18-month highs on the first full trading day of 2017, following reports by Al-Ansa newspaper that OPEC member Kuwait has cut output by 130,000 barrels a day to about 2.75 million a day, according to Kuwait Oil Co. Chief Executive Officer Jamal Jaafer. Meanwhile, Oman was sait to cut 45,000 barrels a day from 1.01 million, the Oil Ministry’s Director of Marketing Ali Al-Riyami said on Oman TV.

With 2016 still fresh in most investors' minds, and questions about 2017 pressing, here is a summary, courtesy of Goldman's Allison Nathan, of where Goldman believes we closed out 2016, what is in store in the coming year, and ultimately, "what keeps Goldman up at night" about 2017.

2016, and a peek at 2017

Submitted by Osama Rizvi via OilPrice.com,