Brent oil. Citi says OPEC may need to to cut again, “fragile five" now adding to output

<p>Citi commodity analysts say OPEC may need to think about further cuts to oil output.</p><p>Info comes via a Bloomberg report (gated), main points:</p><ul><li>the “fragile five” (Iran, Iraq, Libya, Nigeria and Venezuela) have struggled with output losses and disruptions for the past few years, but will be adding around 900K barrels a day of production this year, and at least the same again next year</li><li>will be sources of growth for five, four years — or maybe even longer in the case of Iraq and Venezuela</li><li>while growth in oil demand will be constrained by fading expansion in China</li><li>thus the core OPEC+ countries have a problem, and Saudi Arabia and its Persian Gulf allies may face pressure to cut output further</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.