Citi said in a note issued on last Tuesday that OPEC’s output cuts are “real,” leading to a strong Middle East crude market and steep drop in oil stored in ships. OPEC producers are already seen starting to assume that the cuts do get extended, in line with Citi’s expectations, bank said. “Oil markets are always noisy, but it looks like the Saudis are sending a clear signal that the Kingdom will defend prices over market share for the remainder of this year.”