The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation , agreed to cut output nearly 1.8 million barrels per day (bpd) during the first half of 2017. Saudi Arabia reduced output by 717,600 barrels a day last month. "Oil demand may peak sooner than expected if GDP growth is slower than past trends, fuel efficiency rises more sharply, climate policies become more stringent, or alternative-fuel vehicles take off more quickly", Bordoff said.

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