OPEC output drops as Saudi cuts mount

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NewBase 5 March 2017 - Issue No. 1008 Senior Editor Eng. Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Saudi Arabia Still Bears Brunt of Oil Cuts as OPEC Output Drops
Bloomberg - Angelina Rascouet
Saudi Arabia continued to lead OPEC’s efforts to cut production, helping the organization get
closer to a goal set out in a historic accord last year.
Riyadh lowered oil supply by 90,000 barrels a day from a month earlier to 9.78 million in February,
according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. It was
the second month in a row that the world’s biggest crude exporter pumped below its own target of
10.06 million barrels a day.
Overall, the Organization of Petroleum Exporting Countries’ production fell to 32.17 million barrels
a day in February, a 65,000 barrel-a-day drop from January, the first month of the accord. The 10
members of the group that pledged to make cuts in Vienna in November implemented 104 percent
of those reductions, largely because Saudi Arabia went beyond its target.
Those countries’ efforts were offset by increases from Iran, Nigeria and Libya that were permitted
under the terms of the agreement, meaning OPEC’s total output remains 415,000 barrels a day
above the target set out in the Nov. 30 deal. The group as a whole is only about 70 percent of the
way toward the production level it deemed necessary to eliminate a global oversupply and boost
prices.

Iraq’s production dropped by 50,000 barrels to 4.44 million barrels a day, the survey showed. A
strike by oil workers in Gabon -- the tiniest member -- contributed to a decline of 15,000 barrels a
day. Angola, among the most compliant members in January, failed to meet its target in February
after the start-up of two oil projects. Output there ramped up 20,000 barrels to 1.69 million barrels
a day.
Iran’s output increased to 3.83 million barrels a day, slightly above its goal of 3.797 million barrels
a day. As part of the deal, Iran was allowed to increase supply after years of sanctions that hurt its
oil industry.
Libya and Nigeria -- both exempt from the accord -- saw combined 50,000 barrel-a-day growth.
Russian Cuts
Investors are also paying close attention to Russia and 10 other oil-producing countries, which
agreed in December to join OPEC in cutting output. A monitoring committee last week found the
non-OPEC countries achieved 66 percent of their pledged cuts for January.
In Russia, the largest non-OPEC participant in the deal, oil output was unchanged in February at
about 11.1 million barrels a day after a cut of 117,000 barrels a day in January, according to
Energy Ministry data. The nation pledged in December to gradually reduce supply by as much as
300,000 barrels a day from a post-Soviet high of 11.23 million in October.
Benchmark Brent crude prices have rallied about 20 percent since the November pact amid
optimism the market will re-balance following three years of glut. OPEC and its allies will decide at
meetings in May whether to prolong the accord past June 30.

UK: Angus Energy to put the Kimmeridge into production at
the Brockham oil field, onshore UK…Source: Angus Energy
Angus Energy has announced that, following the extensive analysis of the BR-X4Z sidetrack well,
the Company's intention is to bring the Kimmeridge into production at its existing Brockham
production facility as soon as the necessary OGA approval is in place.
The Brockham X4Z well, drilled to a total depth of 1,391m, was planned to evaluate the Portland,
Corallian and Kimmeridge formations at Brockham including an evaluation of the Kimmeridge
reservoir that had been demonstrated by the Horse Hill discovery 8 km to the South.
The operator of the well at Horse Hill has announced cumulative production rates of over 1,500
barrels per day in short term testing. The Brockham X4Z well was intended to establish whether
the evidence of a potential reservoir reported at Horse Hill extended further North into the
Brockham Licence.
The well was therefore intended to answer three main questions. Is the reservoir section in
Brockham similar in thickness and reservoir properties to what had been reported at Horse Hill?
Is there evidence of naturally occurring fractures to enable production of oil using conventional
means? Is the content of oil in the Kimmeridge similar to Horse Hill where oil was tested at
substantial rates?
Angus Energy is pleased to announce that the preliminary results from Brockham X4Z confirm
very similar thickness of reservoir and properties to those reported at Horse Hill. The gross
thickness of Kimmeridge in Brockham X4Z is some 385m thick. The two limestone intervals (each

around 30m) tested in Horse Hill are also seen in the Brockham well. The reservoir properties
appear to be very similar to Horse Hill, based on electrical logging evidence.
Angus took the search for natural
fractures a stage further by using
the Weatherford Ultra Wave Acoustic
borehole imaging tool. This is its first
use in Europe. Technical papers are to
be presented on this at DEVEX
shortly. The tool made it possible to
see fractures in the borehole directly,
unlike the need to infer fractures from
logs.
The information confirmed not only
evidence of natural fractures in the two
main limestones intervals previously
tested at Horse Hill, but also confirmed
abundant natural fractures in sections of interbedded shales and limestones between and below
the two main limestones. Around 200m of the reservoir has this potential.
Angus took many samples during the drilling to use for geochemical analysis. The initial results of
this work show total organic content through the Kimmerdige section between 2-12%, exceeding
Horse Hill in places.
Furthermore, evidence shows that the highest organic content corresponds to the limestones
and, in particular, the intervals in between the limestones which have natural fracturing. Whilst
organic content is not the same as oil content, it is indicative of those sections where oil content
will be highest.
This supports the potential for some 200m of reservoir of interest. Actual oil content depends on
the extent to which burial has resulted in pressures and temperatures sufficient to generate oil.
Initial Tmax and Hydrogen Index readings correspond with Horse Hill data. Since oil was
produced briefly at Horse Hill and as it is most likely that the oil in the Portland Sandstone in
Brockham is sourced from the Kimmeridge, the evidence backs a similar oil content to Horse Hill.
Therefore, based on the evidence so far, Angus has confidence that the well will be similar to
Horse Hill and perhaps given that the reservoir is potentially much thicker in zones not previously
tested the results could be even better. These results achieve everything short of production to
prove the potential from this zone.
In line with Angus's measured approach to field development, operations are in hand to install new
production facilities for the well and to prepare for the production as soon as necessary OGA
approval is in place.
Targeted completion for production is in spring/summer 2017. Our professional team will shortly
be meeting Surrey County Council to discuss the position in relation to the sidetrack and also to
agree what further planning permissions are necessary in order to regularise the existing site
cabins, fencing and associated structures.
In addition, additional oil shows were observed in the Portland and Corallian formations. Currently,
the Brockham number 2 well is a temporarily suspended producer from the Portland reservoir and
the Company is confident of additional production from the Portland from Brockham X4Z in due
course. The Corallian formation with good indications of both gas and oil is still being evaluated.

Libya's Es Sider Oil Port Seized in Blow to Production Surge
by Ghaith Shennib and Hatem Mohareb
Libya’s biggest oil port was seized by an armed group, dealing a blow to the North African country
as it seeks to revive production of its most important commodity. Brent crude futures climbed.
The Benghazi Defense Brigades, a militia that’s not allied to the United Nations-backed
government in Tripoli, took control of the Es on Friday afternoon, according to people with
knowledge of matter who asked not to be Sider terminal identified because they aren’t authorized
to speak to the media. The facility had previously been under the control of eastern-based military
commander Khalifa Haftar.
“That is a considerable blow to Haftar,” said Mattia Toaldo, senior policy fellow at the European
Council on Foreign Relations. “We have to see if there is an immediate impact on exports. But for
confidence in Libya’s production it’s a blow.”

The clashes show just how vulnerable Libya’s recent oil-production surge is to conflict that
escalated in late 2014 but that had shown signs of calming in the past few months. The nation
pumped about 700,000 barrels a day in February, almost doubling from a year ago, according to
information compiled by Bloomberg.
Brent crude futures climbed as high as $55.95 a barrel following the port’s seizure. They were at
$55.88 at 7:25 p.m. in London.
Oil Crescent
After sweeping through the oil crescent in September and taking control of the ports in the region,
Haftar had allowed Libya’s National Oil Corp., part of the Tripoli-backed government that he
opposes, to use Es Sider for oil exports. But production remains vulnerable without a lasting
peace between the east and west of the country. International efforts to break the political
stalemate have so far failed.
Haftar is supported in his standoff with the government of Prime Minister Fayez al-Serraj in the
west by Russia, the United Arab Emirates and Egypt. His allies contend that he alone has the
military might and control of oil needed to govern the country. Others inside Libya also support
him, though he’s opposed by powerful militias mostly across central and western Libya, where 70
percent of the population lives.
Military Bluff
“If they can hold on to the positions, they’re calling Haftar’s military bluff,” Toaldo said of the
Benghazi Defense Brigades. “He had conquered the oil terminals with relatively few military
resources. His ground troops are quite thin. He has prevailed until now thanks to a mix of the air-
power and political skills.”
“If his troops were overrun in two such areas in 24 hours, people inside Libya and outside will start
to question his military force,” Toaldo added.
Earlier, workers at the terminal had fled to nearby Ras Lanuf as Haftar’s forces sought to repel the
attack, Saad Dinar, head of the oil workers’ union in eastern Libya, said by phone. Bushra, the
Benghazi Defense Brigades’ news website, published photos showing their fighters at the airport
in Ras Lanuf, another key city for Libyan oil exports.
The Benghazi Defense Brigades’ stronghold is in Jufra, on the western edge of the nation’s oil
crescent, rather than the city of Benghazi, which is in the east. The group was formed in 2016 with
a goal of wresting Benghazi back from Haftar.
There have been skirmishes in the area between the two sides before. Friday’s fighting marks an
escalation and highlights threats to the North African country’s efforts to restore its crude
production following two years of conflict.
Libyan oil production has been rising, with shipments from key ports resuming after many months
of conflict. The more it pumps, the greater the pressure on other members of the Organization of
Petroleum Exporting Countries to curb supply in order to eliminate a global oil glut.
“It’s still very early to judge the situation, and it depends on the ability of each side to sustain their
control over the area,” said Zeid Ragas, a Libyan political commentator.

Iraqi Kirkuk Oil Exports at Risk as Kurds Seize Pump Station
by Khalid Al Ansary , Kadhim Ajrash , and Sam Wilkin
Iraqi oil shipments of about 105,000 barrels a day were halted briefly on Thursday after Kurdish
troops seized control of a pumping station in disputed Kirkuk province and demanded that crude
shipments to the country’s central government be stopped.
Oil from Kirkuk stopped flowing into a Kurdish-built export pipeline to Turkey after fighters loyal to
the Patriotic Union of Kurdistan political party took control of the province’s main pumping station,
Najat Hussein, a member of Kirkuk’s oil, energy and industry committee, said by phone. The
shipments resumed several
hours later, he said.
The PUK, one of two parties
in the Kurdistan Regional
Government, has controlled
much of Kirkuk since sending
forces to protect oil facilities
there after Islamic State
militants captured swathes of
northern Iraq in 2014. Kirkuk
lies outside the KRG-run
Kurdish region and is a
potential flashpoint between
Kurds and Iraqi Arabs. The
KRG struck a deal with the
federal government in
Baghdad last August to share
revenue from Kirkuk oil
exported through the Kurdish-
operated pipeline.
By seizing the station that
controls oil flowing into the
export pipeline, the PUK was
trying to pressure the federal
government to allocate money
to Kirkuk from sales of the
province’s oil, Hussein said.
The PUK will cut exports
again if no agreement is reached within one week, he said.
“Today’s storming of the North Oil Co. in Kirkuk was provocative and irresponsible local behavior,”
Safeen Dizayee, a KRG spokesman, told the Kurdish Rudaw news agency late Thursday. “It was
not necessary to take this irresponsible step.”
Iraq, the second-biggest member of the Organization of Petroleum Exporting Countries, pumps
most if its crude at fields in the south and exports it by sea from the southern port of Basra. Total
exports increased to 3.85 million barrels a day last month, about 39,000 barrels a day more than
in January, according to port-agent reports and ship-tracking data compiled by Bloomberg.

U.S. Shale Industry Challenges OPEC Once Again
by Javier Blas
When the who’s who of the oil industry met a year ago in Houston, Saudi Arabia’s energy minister
had harsh words for U.S. shale drillers struggling with the worst price crash in a generation.
"Lower costs, borrow cash or liquidate," said Ali Naimi, who managed the world’s largest oil-
exporting business for more than two decades.
In the year since, the drillers have largely taken Naimi’s advice. While more than 100 have gone
bankrupt since the start of 2015, the companies that survived have reshaped themselves into
fitter, leaner and faster versions that can thrive with oil at $50 a barrel. Now, it’s OPEC that’s
seeking solutions, desperate to drive prices up even further in a push to repair the economies of
the countries it serves.
"The shale business is rejuvenated because of the difficulties it has been through," Ben van
Beurden, the chief executive officer of Royal Dutch Shell Plc., said in comments last month.
After a two-year downturn spurred by oil’s plunge to $26 from $100, U.S. production is on the rise
once again, opening the door for another showdown with the Organization of Petroleum Exporting
Countries. The number of U.S. drilling rigs has grown 91 percent to 602 in just over nine months.
Meanwhile, production has gained more than 550,000 barrels a day since the summer, rising
above 9 million barrels a day for the first time since April.
And as shale returns with a vengeance, it’s not just the pioneer cowboys that dominated the first
phase of the revolution in the Bakken of North Dakota. This time, Exxon Mobil Corp. and other
major oil groups are joining the rush. It’s a new reality that OPEC and Russia -- the main forces
behind the production cuts approved last year as a solution to re-balance the global market -- are
starting to acknowledge.

"With $55 a barrel, we see everyone very happy in the U.S.," said Didier Casimiro, a senior
executive at Moscow-based Rosneft PJSC.
Long a world leader in multi-billion dollar oil developments that take years to build and even longer
to profit, Exxon is diverting about one-third of its drilling budget this year to shale fields that will
deliver cash flow in as little as three years, Chief Executive Officer Darren Woods said this week.
In January, Exxon agreed to pay as much as $6.6 billion in an acquisition designed to more than
double the company’s footprint in the Permian basin of west Texas and New Mexico, the most
fertile U.S. shale field.
Add to the mix the election of President Donald Trump, carrying the promise of fewer regulations,
added pipelines and energy independence, and you see why the mood at CERAWeek, the
conference that every year gathers oil executives, bankers and investors in Houston, will be far
brighter next week than in 2016.
"North American oil companies are going to increase their spending by 25 percent in 2017
compared to last year," said Daniel Yergin, the oil historian-cum-consultant who hosts the
CERAWeek. "The increase reflects the magnetism of U.S. shale."
U.S. benchmark West Texas Intermediate traded at $52.65 a barrel on Friday. Futures bounced
between $51.22 and $54.94 in February.
So far this year, U.S. energy companies have raised $10.5 billion in fresh equity, with shale and oil
service groups drawing the most investment, the best start of the year since at least 1999 and
equal to a third of what the sector raised in the whole of 2015.
In Midland, the Texas city at the center of the Permian basin, the activity rush is palpable, as is the
threat of higher costs for shale companies. The county’s active-rig total ranks second in the U.S.,
behind only Reeves County further to the west.
"You could see the town’s energy is back," said Alan Means, founder of Cambrian Management
Ltd., a Midland-based firm that operates more than 200 oil wells in the Permian across Texas and
New Mexico. "The rigs are up again, the fracking crews are busier and the highway traffic is
increasing."
As activity rises, the man-camps in the town outskirts are flush again, with workers arriving from
the Bakken in Montana and North Dakota, and from as far way as Canada. The 1,000-bed
Permian Lodging camp is now 100 percent full, up from 65 percent in July, according to camp
owner Ralph McIngvale.
More Efficient
It’s not just more activity. The growth is also the result of far more efficient ways to drill than
existed only two years earlier. With oil companies benefiting from lower service costs, Shell
reckons it can drill a well today for about $5.5 million, down a whopping 56 percent from 2013.
And the new wells, thanks to more powerful fracking techniques, are yielding more barrels than
ever.
The average Permian well now gushes 668 barrels per day, compared to just 98 barrels four
years ago, according to government data.

Shale companies such as EOG Resources Inc. and RSP Permian Inc. are telling investors they
will expand oil output by as much as 30 percent in the next two or three years, more than they did
in the heydays of the shale boom between 2010 and 2014.
"The bottom line is we think they can produce as much oil out of the Permian as they want to,"
Greg Armstrong, the boss of Plains All American Pipeline LP, told investors in February. "It’s a
matter of rigs, just a manufacturing operation."
And the revival isn’t confined to the Permian, which stretches from Texas into New Mexico. Drilling
is also increasing in other shale basins, such as the Scoop and Stack in Oklahoma, and in the
Gulf of Mexico’s deep-water oilfields.
Production Budgets
At the same time, some of the industry’s most influential voices say they are keeping a tight hold
on production budgets, vowing not to repeat the mistakes of the first phase of the shale revolution
from 2010 to 2015, when companies spent well above the cash they generated.
Marathon Oil Corp., for example, told investors last month it expects to boost output by about 20
percent a year from 2017 to 2021 even if oil prices stay at around $55. "We plan to achieve these
impressive growth rates within cash flow, inclusive of the dividend," Marathon CEO Lee Tillman
said in February.
For a U.S. industry that once seemed ever-dependent on $100 oil, the return to profit with lower
prices was a big surprise. And producers returned to profit using the very playbook offered by one-
time market rival Naimi, who was replaced as Saudi Arabia’s energy minister in May.
"Today, almost every single shale basin is economic in the $35-$50 a barrel price range," said
Regina Mayor, head of energy at KPMG LLP in Houston.

U.S. Oil Drilling Collapse—and Rise Again
Sources: Data compiled by Bloomberg, EIA, Baker Hughes - Tom Randall and Blacki Migliozzi
The boom looks like it’s back. The number of oil and gas rigs drilling in the U.S. has almost
doubled since bottoming out at the lowest level in more than 75 years of records. The animation
below shows the collapse of America’s energy boom beginning in 2015—and its subsequent
resurrection beginning last May.
While two dozen nations are coordinating to cut oil production and rein in the global supply glut,
U.S. producers are moving in the opposite direction. Over the last four months, output increased
by half a million barrels a day. If that rate of expansion continues, the shale boom will break new
production records by summer.
This decade saw the fastest expansion of oil and gas production in American history. New
technology drove the boom—particularly deployment of horizontal drilling through shale rock.
Major shale regions include the Permian and Eagle Ford basins in Texas, the Scoop and Stack
plays in Oklahoma and the Bakken formation in North Dakota.
After the global plunge in oil prices began in late 2014, producers began shutting drilling
operations at an unprecedented rate. The number of active oil and gas rigs plummeted 80 percent
to the fewest since Baker Hughes started tracking them in 1940.
The industry that's returned has been transformed. It employs fewer workers per rig and is even
more tightly focused on the rich shale formations that drove America’s oil and gas boom before

the crash. Almost 90 percent of the rigs added during the rebound have been of the horizontal
variety.
Raw rig counts are losing their predictive power. The drilling industry is increasingly automated,
and wells are pumping oil faster. Gone are the abundant high-paying jobs in pop-up oil towns filled
with roughnecks. The U.S. now produces 9 million barrels a day; when the shale boom first
crossed that threshold in 2014, more than twice as many rigs were actively drilling.

NewBase 05 March 2017 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Oil settles at $53.33 and $ 55.87, rebounding from recent weakness
Reuters = NewBase
Oil prices surged on Friday, as a weaker dollar encouraged buying but investors remained
cautious after Russian production figures showed weak compliance with a global deal to cut
output.
Global benchmark Brent rose 79 cents to $55.87 a barrel at 2:30 p.m. ET (1930 GMT), recovering
some of Thursday's losses. WTI futures settled at 72 cents to $53.33 a barrel, a 1 percent gain.
"There is nothing surprising in seeing fresh buying after a big sell-off and of course the slightly
weaker dollar is also helping oil recover," said Tamas Varga, senior analyst at London brokerage
Both benchmarks have traded in a tight range all year. U.S. crude's peak this year was $55.24 on
the first trading day of 2017; its low was $50.71 later in January.
Oil barely budged after a speech by U.S. Federal Reserve Chair Janet Yellen. The dollar was
down 0.3 percent on Friday, barely changed from prior to her statement which suggested a rate
increase would come at the close of its two-day meeting on March 15.
U.S. drillers added rigs for the seventh straight week, Baker Hughes said on Friday. Rig counts
rose by seven rigs to bring the total to 609, most since October 2015, the energy services
company said.
"For the large part an interest-rate hike in the near-term is probably already valued into the dollar,"
said Sarp Ozkan, DrillingInfo's manager of energy analytics.
Oil price special
coverage

Dollar strength tends to pressure oil prices, as global trade in petroleum is conducted in dollars.
Oil's gains were capped by lingering concerns over compliance, by producers outside the
Organization of the Petroleum Exporting Countries, with a global deal to rein in oversupply.
Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd),
energy ministry data showed, with cuts from October 2016 levels remaining at 100,00 bpd, or a
third of what Moscow pledged in its agreement with OPEC.
Official U.S. data also showed crude inventories in the world's biggest oil consumer rose for an
eighth straight week to a record 520.2 million barrels.
Still, OPEC boosted already strong compliance with the group's six-month deal to 94 percent,
cutting output for a second month in February, a Reuters survey found.
In a bid to maintain demand for its oil, world top exporter Saudi Arabia has cut the price for its
April light crude deliveries to Asia, trade sources told Reuters.

NewBase Special Coverage
News Agencies News Release 05 March 2017
Due to oil some countries Economies Are Getting More
Miserable This Year, Venezuela tops the list once again, but it's
the moves in the middle that matter
by Catarina Saraiva and Michelle Jamrisko
If 2016 was the year of political shocks, this year could be when we find how they'll impact the
global economy. Bloomberg's Misery Index, which combines countries' 2017 inflation and
unemployment outlooks, aims to show us just that.
For the third year in a row, Venezuela's economic and political problems make it the most
miserable in the ranking. The least miserable country is once again Thailand — in large part due
to its unique way of calculating employment — and the rest of the ladder features noteworthy
moves by the U.K., Poland and Mexico, to name a few.
Economic woes have plagued Venezuela for years. Sluggish oil prices, the country's only
significant export, have fueled a crisis that has left grocery store shelves empty, hospitals without
basic medication and violent crime rampant as desperation leads to anger. While the country has
not reported economic data since 2015, Bloomberg's Cafe Con Leche Index, which aims to track
inflation via the cost of a cup of coffee, shows a price surge of 1,419 percent since mid-
August. Economists estimate that prices will rise almost six-fold this year, according to the median
estimate in a Bloomberg survey.

A turn for the worse
Moving closer to Venezuela territory — though no country even comes close to its score of nearly
500 — are a handful of central and eastern European countries.
Poland, which experienced the biggest negative move in the rankings, clocks in at No. 28 among
this year's 65 economies, from a rank of 45 in last year's index of actual performance. The higher
the ranking, the more miserable the economy.
Though it's seen a steady decline in its unemployment rate since the financial crisis, inflation rose
to 1.8 percent in January after Poland's longest period of deflation on record. Similar price
increases in Romania, Estonia, Latvia and Slovakia drove large jumps in the countries' Misery
Index rankings.
The misery also has deepened in Mexico, according to the index. After finishing 2016 at No. 38,
it's slated to rise to 31st place as inflation balloons to a forecast of 5 percent in 2017 from an
average 2.8 percent last year. A combination of the end of government fuel subsidies and
the peso's 11 percent decline against the dollar since the U.S. presidential election in November is
pressuring prices.
The U.K.'s move by two notches toward more misery comes on the heels of the Brexit vote. The
popular referendum that cemented the start of the country's move out of the European Union has
driven the pound to a more than 30-year low, pushing up the cost of imports and, along with it,
inflation. Price growth has been sluggish in the U.K. since oil prices fell at the end of 2014.

Looking Up
Making strides to become less miserable is a diverse cast of characters: Norway, Peru and even
China.
Norway's economic woes could at least lower prices for consumers this year, allowing the country
some room to improve on last year's mediocre performance and become less miserable by 18
spots. Economists see oil spending slipping in 2017 while unemployment holds at around 4.8
percent — the latter perhaps a credit to the government's spending spree.
Peru also is poised to impress with a noteworthy 13-position move toward a happier economy this
year. Again, this is good news for bad reasons: Peru was more miserable than expected in 2016
as a drought sparked food-price inflation and weak domestic demand weighed on the labor
market. Economists appear to agree with Peru's central bank, which sees improvement in
investment and trade on the horizon.
Rounding out the most-improved in the rankings this year should be Hong Kong, Taiwan, the
Netherlands, China, Ecuador and Russia — each set to move down nine spots or more. A rosier
outlook in China, the world's second-biggest economy, is a boon for global prospects. The U.S.
remained among the 20 least miserable countries (at No. 49), though now a few spots worse than
China, with which it tied in 2016.
For full rankings, please see the table. Bloomberg's misery index comprises 65 countries and is
calculated by adding together the forecasts for a country's rate of inflation and unemployment. A
higher score indicates more 'misery.'

With assistance from Andre Tartar, Cynthia Li, Sarina Yoo and Harumi Ichikura.

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OPEC output drops as Saudi cuts mount

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