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OPEC Sees Market for Its Crude Shrink Again as Rivals Recover

OPEC Sees Market for Its Crude Shrink Again as Rivals Recover

(Bloomberg) — OPEC trimmed estimates for the amount of crude it will need to pump in the coming year, days before ministers are due to assess the impact of supply curbs on world markets.



a train yard with many barrel: Rail wagons for oil, fuel and liquefied gas cargo stand in sidings at Yanichkino railway station, cose to the Gazprom Neft PJSC Moscow refinery in Moscow, Russia, on Monday, April 27, 2020. Oil prices plunged to within a whisker of $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again.


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Rail wagons for oil, fuel and liquefied gas cargo stand in sidings at Yanichkino railway station, cose to the Gazprom Neft PJSC Moscow refinery in Moscow, Russia, on Monday, April 27, 2020. Oil prices plunged to within a whisker of $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again.

The Organization of Petroleum Exporting Countries downgraded supply forecasts as its rival producers in the U.S. weather the impact of low prices, and as the resurgent pandemic continues to weigh on global demand.

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The crude-producer group and its allies are due to hold a monitoring meeting on Monday to consider whether unprecedented output cuts they’ve made this year are managing to keep the global market in balance.

The coalition, led by Saudi Arabia and Russia, is set to relax the curbs at the start of next year and restore some more supplies, but delegates are growing increasingly concerned about whether markets can absorb additional barrels.

Compared with last month’s report, the organization trimmed estimates for the supply it will need to provide this quarter by 900,000 barrels a day, to 27.46 million a day. An even bigger reduction was made in September. OPEC is pumping far below this level in order to implement the supply pact.

Projections for supplies outside the group for the period were boosted by 680,000 barrels a day, concentrated in the U.S. Global demand estimates for the quarter were cut by 220,000 barrels a day. For 2021, the “call on OPEC” was

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Analysis: Taking a page from authoritarians, Trump turns power of the state against political rivals

Analysis: Taking a page from authoritarians, Trump turns power of the state against political rivals

President Donald Trump’s order to his secretary of state to declassify thousands of Hillary Clinton’s emails, along with his insistence that his attorney general issue indictments against Barack Obama and Joe Biden, takes his presidency into new territory — until now, occupied by leaders with names like Putin, Xi and Erdogan.

Trump has long demanded — quite publicly, often on Twitter — that his most senior Cabinet members use the power of their office to pursue political enemies. But his appeals last week, as he trailed badly in the polls and was desperate to turn the national conversation away from the coronavirus, were so blatant that one had to look to authoritarian nations to make comparisons.

He took a step even Richard Nixon avoided in his most desperate days: openly ordering direct immediate government action against specific opponents, timed to serve his reelection campaign.

“There is essentially no precedent,” said Jack Goldsmith, who led the Justice Department’s Office of Legal Counsel under President George W. Bush and has written extensively on presidential powers. “We have a norm that developed after Watergate that presidents don’t talk about ongoing investigations, much less interfere with them.”

“It is crazy and it is unprecedented,” said Goldsmith, now a professor at Harvard Law School, “but it’s no different from what he has been saying since the beginning of his presidency. The only thing new is that he has moved from talking about it to seeming to order it.”

Trump’s vision of the presidency has always leaned to exercising the absolute powers of the chief executive, a writ-large version of the family business he presided over. “I have an Article II,” he told young adults last year at a Turning Point USA summit, referring to the section of the Constitution that deals with the president’s powers,

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