OPEC pumped 33.1 million barrels a day last month, down 310,000 barrels a day from November.
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Oil traders have finally given up on an early rebalancing of the crude market, with flat prices and calendar spreads plunging to the lowest level since OPEC's agreement was announced.OPEC has lost control of the oil market narrative, after successfully shaping it in an informal alliance with hedge funds in the last part of 2016 and the first few months of 2017 .The informal understanding on market rebalancing between OPEC and some of the most important hedge funds reached late last year finally unraveled this week.Brent's flat price rose by around $10 per barrel, or more than 20 percent, and the market structure swung from contango into backwardation.The drawdown was among the largest on record but still left the hedge funds with a relatively large overall bullish position equivalent to 643 million barrels on April 25 .
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