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Opec cuts will barely dent world's bloated oil stockpiles

While cutting output will stop a further expansion, it will curb existing excess by just 11% next year

The Algiers accord is geared towards bringing down the level of inventories, says Mr Barkindo.


EVEN if Opec (Organization of the Petroleum Exporting Countries) defies a sceptical market by implementing output cuts in full, it still won't drain the ocean of surplus oil already pumped from the ground.

The Opec aims to shrink the world's bloated oil inventories with its...