Les Echos : Bolloré-Drahi, une relation si particulière

Les deux milliardaires ne cessent, depuis des mois, de se marcher sur les pieds, en quête des meilleurs contenus audiovisuels. Vincent Bolloré rêve d’un rapprochement avec Orange autour de Canal + pour pouvoir mieux résister aux appétits du SFR de Patrick Drahi en ce domaine. Jusqu’à présent, ils ont su préserver une forme d’estime réciproque. Mais leurs jeux, à l’un et à l’autre, se compliquent.

Les deux milliardaires ne cessent, depuis des mois, de se marcher sur les pieds, en quête des meilleurs contenus audiovisuels. Vincent Bolloré rêve d’un rapprochement avec Orange autour de Canal + pour pouvoir mieux résister aux appétits du SFR de Patrick Drahi en ce domaine. Jusqu’à présent, ils ont su préserver une forme d’estime réciproque. Mais leurs jeux, à l’un et à l’autre, se compliquent.

En savoir plus sur http://www.lesechos.fr/

(BofA-ML) The Flow Show : Going Long Long-Only

>>> Asset Class Flows
- Equities: 7 straight weeks of inflows (big $17.7bn) ($17.2bn ETF inflows and $0.5bn mutual fund inflows) (first weekly
mutual fund inflows in 12 months!)
- Bonds: 8 straight weeks of inflows ($6.7bn)
- Precious metals: $1.2bn inflows (inflows in 4 of past 5 weeks)
- Money-markets: $11.2 outflows

>>> Equity Flows
- EM: largest EM equity fund inflows in 6 months ($2.7bn) (mostly via Global EM funds)
- Japan: 6 straight weeks of inflows ($0.9bn)
- Europe: tiny $73mn inflows (4 straight weeks)
- US: $8.6bn inflows (largest in 9 weeks)
- By sector: strong $2.3bn inflows to financial funds (largest in 13 weeks); largest inflows to consumer funds in 2 years ($1.1bn); inflows to materials in 14 of past 15 weeks ($0.8bn); inflows to energy in 10 of past 11 weeks ($0.5bn)

>>> Hugo Boss attracts activist investor Groupe Bruxelles Lambert - report (tran

Hugo Boss attracts activist investor Groupe Bruxelles Lambert - report (translated)
16 FEB 2017
Groupe Bruxelles Lambert [GBL], a Belgian investment holding perceived as an activist shareholder, has acquired approximately 3% of German fashion house Hugo Boss, Manager Magazin reported. Citing unidentified sources close to the situation, the German-language magazine claimed that GBL intends to acquire more shares. Both Hugo Boss and GBL were unwilling to comment on the topic.
Mark Langer, the new chief executive of Hugo Boss, has recently started a restructuring process. GBL is said to have excellent ties with the Italian Marzotto family. The latter owns approximately 10% in Hugo Boss.
Link to original source (German)

>>> Mediaset and Sky enter into negotiations over Mediaset Premium - report (tra

Mediaset and Sky enter into negotiations over Mediaset Premium - report (translated)
17 FEB 2017
Mediaset [BIT: MS], an Italian media group, and Sky [LON: SKY], have entered negotiations over selling TV subsidiary Mediaset Premium to Sky , Italian-language daily Il Sole 24 Ore reported. The report citing financial sources said that talks are entering a more intense period as differences over the valuation of Mediaset Premium have narrowed.
The report said that it was possible a deal could be reached in the near future.
As previously reported, Mediaset's owner Fininvest is asking Vivendi [EPA:VIV] for damages of EUR 570m for its failure to purchase Mediaset Premium.

>>> LMI Aerospace to be bought by Sonaca Group for USD 14 per share

LMI Aerospace to be bought by Sonaca Group for USD 14 per share

Sonaca Group, a Belgian aerostructures company, will acquire LMI Aerospace Inc. (Nasdaq:LMIA), a St. Louis, Missouri-based aerospace assemblies, kits and components and services provider, for USD 14 per share.
The addition supports Sonaca Group's vision to expand its capabilities in the United States.
Lazard served as financial advisors and Gibson, Dunn & Crutcher LLP and Polsinelli PC served as legal advisors to LMI. Credit Suisse served as financial advisors and Arnold & Porter Kaye Scholer and Husch Blackwell served as legal advisors to Sonaca.
LMI Aerospace Inc. is a supplier of more than 40,000 structural assemblies, kits and components and provider of engineering services to the commercial, business and regional, and military aerospace markets. LMI has 21 locations across the United States and in Mexico, the United Kingdom and Sri Lanka.
Sonaca Group is active in the development, manufacturing and assembly of advanced structures and engineering services for civil, military and space markets. It has production facilities in China, Romania, Canada and Brazil.
Press release:
LMI Aerospace Inc. (Nasdaq:LMIA) has entered into a merger agreement to be acquired by Sonaca Group, a global aerostructures company headquartered in Gosselies, Belgium. Under the agreement, LMI shareholders will receive USD 14 per share in an all-cash transaction. Sonaca’s offer represents a 52 percent premium over LMI’s closing share price on Feb. 16, 2017, of USD 9.19 per share, a 63 percent premium over LMI’s 3-month volume weighted average price up to and including Feb. 16, 2017, of USD 8.59 per share, and a 78 percent premium over LMI’s 6-month volume weighted average price up to and including Feb. 16, 2017, of USD 7.88 per share.
In connection with the merger agreement, Sonaca has obtained debt and equity financing commitments. The merger agreement, however, does not include, and the consummation of the merger is not conditioned upon satisfaction of, a financing condition.
“This deal brings our combined company to the forefront as a leader in the design and manufacture of complex aerostructures while working to diversify our global customer base,” said Dan Korte, LMI Aerospace chief executive officer. “In addition, LMI and Sonaca have complementary product portfolios while largely serving different aerospace primes and Tier 1 suppliers around the world, enabling us to better serve our customers.”
“The addition of LMI Aerospace to the Sonaca Group supports our vision to expand our capabilities in the United States,” said Bernard Delvaux, Sonaca chief executive officer. “Sonaca and LMI have both distinguished themselves in the industry through capabilities such as wing movables, wing panels, complex fuselage and structural assemblies, and together we will be able to strengthen our competitive advantage in the global aerospace market.”
LMI’s independent directors unanimously approved the transaction. The deal is expected to close mid-2017, subject to LMI shareholder approval as well as certain regulatory approvals and other customary closing conditions.
Upon transaction close, LMI will operate as LMI Aerospace – A Member of the Sonaca Group, with headquarters remaining in St. Louis. Korte will continue to serve as LMI Aerospace CEO and will report directly to Delvaux. Other members of the LMI senior leadership team also will remain in place and will continue their current reporting relationships. The company will continue investing in its current footprint, continuously improving its U.S. and worldwide infrastructure and the capabilities of its teams.
Lazard served as financial advisors and Gibson, Dunn & Crutcher LLP and Polsinelli PC served as legal advisors to LMI. Credit Suisse served as financial advisors and Arnold & Porter Kaye Scholer and Husch Blackwell served as legal advisors to Sonaca.

>>> General Motors offers assurances to UK government regarding future of Vauxha

General Motors offers assurances to UK government regarding future of Vauxhall plants - reports

General Motors [NYSE:GM] has offered the UK government assurances over the future of Vauxhall Motors plants, The Guardian reported.
The newspaper quoted UK business secretary Greg Clark, who said he was informed that GM plans to build on Vauxhall’s success rather than rationalise the car manufacturing plants, which are located in Ellesmere Port and Luton, UK.
Clark held a meeting with Dan Ammann, GM chairman, and Len McCluskey, general secretary of the Unite trade union in London on Thursday, 16 February.
Clark’s comment follows previously reported concerns about the future of Vauxhall following GM and PSA Groupe’s [EPA:UG] announcement on Tuesday that they were discussing a possible acquisition of GM’s European business Opel Vauxhall by PSA, a French car manufacturer. Analysts have predicted that the deal will lead to rationalisation of GM’s European business and that the Vauxhall plants are particularly vulnerable to job losses.
GM’s comment was less definitive, however, the item said. The Detroit, Michigan-based car manufacturer said that although it cannot at present offer any “definitive news,” its objective in the talks with PSA is to capitalise on Opel Vauxhall’s success.
The Daily Telegraph reported that Clark was on Thursday night en route to Paris to hold urgent discussions with PSA board members and French industry minister Christophe Siruge regarding Vauxhall’s future. The newspaper did not cite a source for the information. The French government owns 14% of Peugeot, whose parent company is PSA Groupe, the item said.

>>> US After Hours Summary: TOPS +23%, TRUE +13%, ANET +10%, COHU +9%


After Hours Summary: TOPS +23%, TRUE +13%, ANET +10%, COHU +9% following earnings/guidance... NUS -7%, MCHX -7%, PI -5%, FLS -4% following earnings/guidance, LII -4% quells rumors surrounding conference cancellation

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: TOPS +23.3%, RGSE +16.5% (also completes offerings that raised total net proceeds of $16.0 million; regains Nasdaq compliance and now debt-free), TRUE +13%, ANET +9.5%, COHU +8.9%, CYTK +8.4%, TMST +7.2%, CGNX +5.6%, AIRG +5.4%, WBMD +3.8% (also commenced a process to explore and evaluate potential strategic alternatives), TTD +2.7% (also files registration statement for proposed follow-on offering by selling shareholders), KEYS +2.5%, CRC +2.1% (also announces a joint venture with Benefit Street Partners to invest $250 mln in oil & gas properties)

Companies trading higher in after hours in reaction to news: ZPIN +3.5% (special committee is in advanced discussions regarding a potential transaction after receiving preliminary non-binding proposal $18.00 in cash per ADS), P +0.8% (Corvex Management files amended 13D, shows 8.8% active stake, discloses exercising over-the-counter market American-style call options), SAGE +0.7% (following late move higher on M&A speculation)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NUS -7.4%, MCHX -6.8%, PI -5.3%, ORC -4.4%, FLS -4.2% (also announces an order close to $80 mln to provide pumps and ebulators for the Hengli Integrated Refining Complex Project in China), MRC -0.9%

Companies trading lower in after hours in reaction to news: LII -4% (pulling back after issuing statement clarifying that it withdrew from presenting at conference because its CFO has a minor back injury that requires surgery), BKD -3.2% (following late spike into the close on reports of potential interest from Ventas), CREE -0.8% (light volume; will terminate the definitive agreement to sell its Wolfspeed Power and RF division to Infineon Technologies), TSLA -0.7% (continued weakness)

>>> Asian Update

Asia Mid-Session Market Update: Reflation rally pauses as safe haven flows recover

***US Session Highlights***
- (US) JAN HOUSING STARTS: 1.25M V 1.23ME; BUILDING PERMITS: 1.29M V 1.23ME
- (US) FEB PHILADELPHIA FED BUSINESS OUTLOOK: 43.3 V 18.0E (highest since Jan 1984); New Orders: +38.0 (highest since Feb 2000) v +26.0 prior (44% of firms reported increases, 6% reported decreases)
- (US) Fed's Lockhart (moderate, non-voter): we are moving towards the Fed's inflation target sooner than thought - press interview
- (US) Atlanta Fed raises Q1 GDP forecast to 2.4% from 2.2% on 2/15

***US markets on close: Dow flat, S&P500 -0.1%, Nasdaq -0.1%***
- Best Sector in S&P500: Utilities
- Worst Sector in S&P500: Energy
- Biggest gainers: SRCL +7.7%, NTAP +4.2%, IFF +4.1%, ETR +2.8%, DUK +2.8%
- Biggest losers: TRIP -11.0%, COTY -5.5%, RRC -5.3%, MDLZ -4.8%, SWN -4.7%
- At the close: VIX 11.8 (-0.2pts); Treasuries: 2-yr 1.22% (-3bps), 10-yr 2.45% (-5bps), 30-yr 3.05% (-4bps)

***US movers afterhours***
- TRUE: Reports Q4 -$0.01 v -$0.05e, R$74.1M v $71.1Me; +14.0% afterhours
- COHU: Reports Q4 $0.24 v $0.09e, R$70.7M v $65.1Me; +9.6% afterhours
- ANET: Reports Q4 $1.04 v $0.82e, R$328.0M v $316Me; +8.8% afterhours
- TMST: Reports Q4 -$1.52 v -$0.46e, R$215M v $213Me; +8.6% afterhours
- CYTK: Reports Q4 $0.18 v -$0.27e, R$33.1M v $14.1Me; +7.1% afterhours
- CGNX: Reports Q4 $0.43 v $0.30e, R$129.3M v $115Me; +5.7% afterhours
- TTD: Reports Q4 $0.33 v $0.21e, R$72.4M v $62.2Me; +3.4% afterhours

- BKD: Blackstone interest in Brookdale said to be fading; Reportedly Ventas now in talks to buy all or part of Brookdale - press; -3.2% afterhours
- FLS: Reports Q4 $0.72 v $0.65e, R$1.07B v $1.07Be; -4.2% afterhours
- PI: Reports Q4 $0.11 v $0.09e, R$33.7M v $33.0Me; SVP sales to leave; -6.0% afterhours
- NUS: Reports Q4 $0.69 v $0.80e, R$531M v $552Me; Announces CFO transition, raises dividend 1.4% to $0.36/shr (implied yield 2.6%); -7.5% afterhours

***Politics***
- (US) President Trump's choice as replacement for National Security Adviser, Robert Harward, has turned down the offer - FT
- (US) President Trump nominates Alexander Acosta as Labor Secretary - press

***Asia Key economic data:***
- (NZ) NEW ZEALAND Q4 RETAIL SALES (EX-INFLATION): 0.8% v 1.0%E (6-quarter low)
- (NZ) NEW ZEALAND JAN BUSINESS MANUFACTURING PMI: 51.6 V 54.2 PRIOR (2-year low)

***Asia Session Notable Observations, Speakers and Press***
- Asian equity markets have retreated modestly going into the weekend after solid gains for much of the week, tracking less upbeat sentiment on Wall St. US stocks paused after the biggest weekly rally in 3 years, as Treasuries rose for the first time in 6 days, safehaven Utilities were favored, and high-beta energy names came in. With US earnings season dwindling and Fed chair Yellen effectively signalling March meeting being live for a rate hike, investors are looking for more concrete fiscal policy action from the ambitious White House agenda, even as the President remains on the defensive about his ties to Russia and cabinet appointments.

- FX majors were in narrow ranges in the absence of meaningful data; NZD was somewhat more volatile early after a miss in Q4 retail sales and a 2-year low in PMI, though analysts still see the pair driven by fundamentals of the US given RBNZ's entrenched "very neutral" policy stance. NZ PM English also held talks with his Australian counterpart, discussing possibility of a regional free trade agreement.

- Corporate news front was somewhat more active. Australia earnings season saw a positive update from ANZ posting high-single-digit gains in profit and revenue, while expectations for bad debts were more positive. Santos also beat on earnings, though gains are contained by the headwinds in the energy sector. South Korea's Samsung Electronics traded lower after news of arrest of its vice chairman in a bribery case. Japan's Toshiba also remains under heavy pressure, falling another 10% to 1-year lows below ¥200 as management works to rein in costs with freeze on wage hikes, bonuses, overtime, and travel expenses.

China:
- (CN) China regulators said to consider tightening measures targeting IPO fraud - Chinese press
- (CN) China interbank liquidity said to remain in a tight balance amid keeping monetary policy on a 'neutral and prudent' course - Chinese press

Japan:
- (JP) Japan Fin Min Aso: hasn't decided on specific contents of US-Japan economic talks

Australia/New Zealand:
- (AU) Fitch: Australia property market to rise 3-5% in 2017
- (AU) Australia PM Turnbull: Agreee with NZ PM English to seek TPP trade agreement without US participation - press

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei -0.5%, Hang Seng -0.4%, Shanghai Composite -0.5%, ASX200 -0.2%, Kospi -0.1%
- Equity Futures: S&P500 flat; Nasdaq flat; Dax -0.1%; FTSE100 -0.1%

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0660-1.0675; JPY 113.15-113.50; AUD 0.7685-0.7710; NZD 0.7200-0.7220
- Apr Gold -0.2% at $1,239/oz; Mar Crude Oil +0.1% at $53.43/brl; Mar Copper +0.3% at $2.73/lb
- (CN) PBOC SETS YUAN MID POINT AT 6.8456 V 6.8629 PRIOR; Strongest Yuan setting since Jan 24th; 4th consecutive firmer setting
- (CN) PBOC to inject combined CNY150B v CNY250B prior in 7-day, 14-day and 28-day reverse repos
- (CN) China MOF sells 30-yr bond, avg yield 3.77%; sells 91-day bonds, avg yield 2.555%
- (AU) Australia MoF (AOFM) sells A$600M in 1.75% 2020 Bonds; avg yield: 2.116%; bid-to-cover: 5.86x

***Asia equities / Notables / movers by sector***
- Consumer discretionary: 2282.HKMGM China -3.4% (H1 result); MTR.AU Mantra Group -5.6% (H1 result); 6808.HK Sun Art Retail Group +6.6% (Alibaba and Tecent show interest); SEK.AU Seek +6.1% (in talks to buy Zhaopin)
- Financials: 6837.HK Haitong Securities +1.2%, 6030.HK Citic Securities +2.1% (China to ease curbs on stock index futures trading); LNK.AU Link Administration +6.0% (H1 result); MPL.AU Medibank -3.7% (guidance);23.HK Bank of East Asia -1.7% (FY16 result); ANZ.AU ANZ Bank +1.7% (Q1 result); ASX.AU Australian Stock Exchange -0.7% (H1 result)
- Industrial: STE.SG Singapore Technologies Eng +4.7% (Q4 result); 1044.HK Hengan International +4.6% (Morgan Stanley raises rating)
- Technology: 005930.KR Samsung Electronics -1.5% (vice Chairman under arrest); 6753.JP Sharp Corp +2.8% (adjusts guidance); 4704.JP Trend Micro Inc +12.2% (FY16 result); RHP.AU Rhipe Limited -16.7% (H1 result); 992.HK Lenovo -2.7% (Bank of China cuts rating)
- Materials: RSG.AU Resolute Mining +4.6%, EVN.AU Evolution Mining +2.8%; SAR.AU Saracen Mineral +1.6% (gold bulls); WHC.AU Whitehaven Coal -2.0% (H1 result); 028260.KRSamsung C&T Corp +2.8%
- Energy: 1898.HK China Coal Energy -2.8% (Jan result); STO.AU Santos +0.3% (FY16 result); SEA.AU Sundance Energy Australia -2.1% (no further steps to raise funds)
- Healthcare: SIP.AU Sigma Pharmaceuticals -4.0% (guidance)

>>> US Close Dow +0.04% S&P -0.09% Nasdaq -0.08% Russell -0.36%

Closing Market Summary: Investors Hit Pause on Thursday

Investors took a breather on Thursday, pulling the S&P 500 and Nasdaq away from their freshly-minted record highs after seven consecutive advances. The pullback was modest in scope, leaving the S&P 500 and the Nasdaq lower by 0.2% while the Dow (unch) resisted, eking out a slight gain.

The Treasury market, which had posted six consecutive losses coming into Thursday, also reversed its recent ways. Treasuries finished higher across the board with shorter-dated issues showing relative strength in a yield-curve steepening trade. The benchmark 10-yr yield closed five basis points lower at 2.45% while the 2-yr yield finished lower by seven basis points at 1.20%.

The recent losing streak aside, the Treasuries' uptick was somewhat surprising given today's strong economic data; Housing Starts (1246K; consensus 1220K), Initial Claims (239K; Briefing.com consensus 245K), and the Philadelphia Fed Index (43.3; consensus 17.5) all surpassed estimates.

However, the hotter than expected readings turned out to be a non-event, at least for now, considering the market's updated rate hike expectations. The fed funds futures market is once again pointing to June as the most likely time for the next hike to be announced. The implied probability of a June hike sits at 73.9%, down from yesterday's 76.2% while the implied likelihood of a hike in May is down to 47.1%.

Earnings news was relatively quiet today as nearly 80.0% of S&P 500 components have already reported their results. However, Cisco Systems (CSCO 33.60, +0.78) did make a splash with its latest report. CSCO shares jumped 2.4% after the company raised its dividend and reported better than expected earnings.

Cisco's upbeat performance supported a modest gain in the technology sector (+0.2%), which finished with industrials (unch) as the only cyclical spaces to close in the green.

Utilities (+1.0%) closed at the top of the leaderboard, thanks to the downtick in Treasury yields and a positive reaction to Duke Energy's (DUK 78.90, +2.12) latest earnings report. Shares of DUK climbed 2.8% despite the company's earnings per share miss.

Real estate (+0.4%), telecom services (+0.5%), and consumer staples (+0.1%) also finished higher, while health care (-0.1%) could not keep up with its countercyclical peers.

The remaining sectors—financials, consumer discretionary, materials, and energy—finished with losses between 0.1% (materials) and 1.4% (energy).

The energy space's slip came despite crude oil's 0.6% advance. The commodity closed at $53.41/bbl after news that OPEC is mulling a production cut extension & could potentially cut more than previously expected.

Today's economic data included January Housing Starts, Initial Claims, and the Philadelphia Fed Index for February:

  • Housing starts decreased to a seasonally adjusted annualized rate of 1.246 million units in January, down from a revised 1.279 million units in December (from 1.226 million). The consensus expected starts to decrease to 1.220 million units. Building permits increased to a seasonally adjusted 1.285 million in January from a revised 1.228 million (from 1.210 million) for December. Th consensus expected a reading of 1.230 million.
    • The key takeaway is that, absent the December revision, starts would have increased month-over-month, which is to say the headline decline isn't as disappointing as it might sound at first bl
  • The latest weekly initial jobless claims count totaled 239,000 while the consensus expected a reading of 245,000. Today's tally was above the unrevised prior week count of 234,000. As for continuing claims, they declined to 2.076 million from the revised count of 2.079 million (from 2.078 million).
    • The key takeaway from the report is that initial claims continue to be stuck at low levels historically, which is a good portent for nonfarm payroll growth.
  • The Philadelphia Fed Survey for February rose to 43.3 from an unrevised 23.6 in January while economists polled by  had expected a reading of 17.5.
    • The key takeaway from the report is that manufacturing activity is proceeding at a healthy pace in the Philadelphia Fed region.

Friday's lone economic report, January Leading Indicators (consensus 0.5%), will be released at 10:00 am ET.

  • Nasdaq Composite +8.0% YTD
  • S&P 500 +4.8% YTD
  • Dow Jones Industrial Average +4.3% YTD
  • Russell 2000 +3.1% YTD

WSJ : How Saudis Cut Oil Output Without Really Cutting

How Saudis Cut Oil Output Without Really Cutting
Saudi oil output has been cut but so has consumption, making their cuts less costly

Saudi Arabia has led the way among major energy exporters in cutting oil production. At the same time, the kingdom is adding to global supply in a surprising way.

The deal to cut oil output has been a success, at least for its first month, largely because there was little cheating and because Saudi Arabia cut production by 500,000 barrels a day.

Don’t ignore the other side of the ledger, though: the Saudis, huge consumers of energy themselves, are economizing. That could allow them to export more.


In 2015, the average Saudi resident used 50 barrels of crude or some five times more than a slightly wealthier Swiss. Oil consumption jumped 77% for Saudi Arabia in the 10 years through 2015, topping even China, which grew 72%, according to data from BP.
Saudi Arabia is far less populous but, even in absolute terms, those incremental barrels were the equivalent of adding another France’s worth of oil demand.

Per capita oil consumption is a function not only of wealth but also local incentives. Petrostates have some of the lowest pump prices in the world because local populations view cheap fuel as a birthright. As a result, Kuwait, which is about as wealthy as South Korea, uses nearly four times as much oil per capita. Gasoline retail prices are just a fourth as high.

But, in the case of Saudi Arabia, it goes beyond motor fuels. For example, the country has long flared off huge quantities of gas and left untouched reserves that could more easily be used to generate electricity. The Saudi Energy Efficiency Center says fuel consumed for power has grown by 135 million barrels of oil equivalent annually over the past eight years.

The latter is changing as part of the country’s “Vision 2030” initiative. One big gas and power project that came online in 2016 helped reduce demand for oil to generate electricity last summer by the equivalent to Ireland’s daily crude demand. Solar projects are also taking off in the sunny country with the goal of meeting 20% of power needs in 15 years. Local demand for motor fuel may moderate following a 50% gasoline price increase, freeing up more Saudi crude and crude products for export.


Add it all up and in the first 11 months of 2016 Saudi Arabia’s actual domestic consumption of unrefined crude oil and its increase in production left a combined 3.5 million additional barrels available for refining or export compared with 2015, according to data from the Joint Organisations Data Initiative.

No wonder the Saudis are so enthusiastic about cutting output to support prices.