OPEC Needs To Cut Output By 700,000 bbl/d More For Brent To Hit $70

Oil producer cartel OPEC and its partners will need to keep production lower than their agreed target through 2019 for benchmark Brent crude to come back to $70 a barrel (bbl), oil and gas consultancy Rystad Energy said.

Last week, the OPEC and its Russia-led allies agreed to slash oil production by a bigger-than-expected 1.2 million barrels per day (MMbbl/d).