Laredo operates on the eastern fringe of the Midland Basin.
OPEC kept its oil output below the agreed production ceiling of 32.5 million barrels per day in January, marking a fourth consecutive month of compliance. Volumes averaged 32.3 mmbpd according to secondary sources cited in the cartel's monthly report. Brent crude averaged $69/bbl that month, making the lack of cheating particularly impressive on the face of it, since higher prices increase the temptation for OPEC member countries to follow individual, rather than group, incentives. But we note t...
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