Business Outlook: ‘Make or Break’ for OPEC

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?Ui}D\W<5W P=xf)ا4}@)q@ O.`0-(&Pʹ@ .)i@3m@?N NP1F*LQfmG1Rbf1Rm(I1L1F1HmQ 1F)QyZ6@ &*@(1Ob&(G\SF(R❊\P1F)PqF)Q~(7OqF)R❊1@ .)أQ~(7b\Pq@R\S@RbsF)R6Kf8Q@3b1@ )1I1@Xb&)T+@M+SHE@EFV iYe,-VufDsHe0 ZpZxZ`4 pZxb< P)qO N @NOJ0 Rm3iR.mj\Q/4iiJxmHP16ԘmEѶ#6Ѷ"KmF*LQ@ъb1Rmm#(ImG\Sъf(?mQbh?m1K~(@ QF(r?!ߎ jj}QCܽ>rc`~% V09*9y4b=VF٣d cOfrZ:jŽ{%U`7Zب9<C]Jir4I6ӑ8 Ur,EmI\ѶF.[iBԘ{ivF(Xf(I6pQOF)\,3b1Ex&(E`QmhXbF.#1IȤRm bi,EB.)b)jr)pL-8-<)UmN{ijMhXm.ڗEo5 ZpZ.+K \SX-.ڐ v." NRmEAivԻh+6Իh;ѶhXmj]bѶF."Fڗm..;mmK\,C66p6i6ӸѶF.[hRmvvm6hEbmvѶmj]mDWM6B\ %H `v'.(zdg&bM'6fMchUM4/*{`߳5"m57HS9uyx Hgҟ4e ıⴆ&t\%:N)S$6Y_3ܬ (v+kOF$RnB`ת[hTT5v&UGfXa`.*Mb mK~\RmRb\,G6ԛhMU mI>_:U4mR:֜/Ү`ϸDoS4}*+.mmWҴ*;?Ge|+;'Y`SRt0Rױsm.A<'x,m]['/<֊̏e%VmIУzG.)6p6ԛiqE[hI1E{hI1E[hR T K1E[iv\,DVmLE7"HV!\,BE4jb)M @+8 8S (aX\RJ)@,R P( 8 P)@,&)@;s @(aLQu(sbSF( .v)qO,3mi\V&(ñ] b`#Fړb0rmI1G0X,ʬ3te ȅ\ g<#0$DVsnhxUWǺrpHSg.kC]ڌJԴ'Apf09$µb` Z];\3֗[QRCWU9}hOPZCꧾ b.)=kL!8'T7k4čGp9ǧqU=ٴiAlI$ň$Y*iw/d6F  dHr08(hk+GD@סKNz0Ӧ'Fڛm&+ϟ|Q{}7-<WjW6mo NR-t'ylx[Al@F>*3#hGTned*h*=H3+YVV!Ƞ൫*8@ `lԽt4Ȳn;cۏuaZ@5#6̻U%'r}7QcČR'?5fB@R=M\YsXu6icajg$Me[^ N1ursRv'{VNI=Oxrlb0:z2K#Ҳ۟ST%.38<_Ƥ_4U1 1cb(VG| 6㰩(84sK؜A1Vyo-[K$gg^:v z;W@j @aN={F wlUk=xUX7[ǥJ(PԴs(Qx-s$kmذ{2\7зV΄ڌUm21 Q$>J*#ptsqKZZ|7bKG0rR`< Œ/rpƆu_`l=ޮ6*5S 4kYZG$yU@Ch2d.J{e ˉҲ j$y$?qk]YW஫/}7cF@vtxr#0 $~;bp2IRZW)PW3L\<ӛ uLZ2X;TN;io$ 79@j26rO~ߊĂڛ.G;[kz|J 0Ky˥5*ȫ\:ڽ;+bݏ [UmFQ]o7 wS%rYWw iՉS[G'\mڟr[VS3f@Gm;ըQD"ەw IҧĒ㞕((3늛[CP$@ ޴ ۑPpK 'zT9qwq%mHTDYGTsA̎O*st0NCqP1a@`w8eqJCq0ܖojlS"H1y'Ti[݆<8?ƮůZ P$nO0,ZtJ=q3cDx#GE{6S F_!0/ P,e{*z)]\]lJ ;8Ӥe/3@kx{'4Azƞ} Kb5tfڠ޸!+#pUǡ/Xsr+UhĖ˜%'²>sPf(*1*+E DxĢa l sjР nU ON6@4g ! Wl, d 18#׷1/e6*$c{g.Fqؚ"񍭝İ;(INF(Qs{[YMw4D؃+K5Ƴ}ڛC{Ϲ&8`h4y lFYF1 mtJi濕n%40+X\ߎ>2XF8A7=m `vOE&,,"(!G\n-ӋCq9?kwODfng(U<ޏ.]ڽ3md'hJ5󕮵Bp$Yᦳ(ʦ:K18qi+Ys6ԼTXhA bЎAcv<Pk}nee_(ӿ5N.d`猩Z5K>8ې"֝u}JaiD]cz]׉4wu +c[Ʋj3Pvd1[>|sn}y?\Ļg]hXݲd%;+M+Z0+՗qֳ5`y85YZ F 1$Z?R4ttl IqiNO`_QZys4RG)w~q<޳I {VI<[săVթ|fU~"[hXa?upqdn}֕4q2oQXW#,.~So׭͡˩[xbFHu;͸5m#Mq,yR+F`#AwH2zI܆}j`nc5r>Z.Dry՘œ։muI 5 ?TM[>{ZC1<2)ӽ}@ʣA!cezCW46˹]~&R7FSж8uvrnҹZ\ϯoCgJ)] wfƗ.,.H+_y'VjX۹unUsaqA^{{Z\ Ha d'H'#ۿgUA+́7(]le8t:Kk-Nia:mXm>sڧv3I80y櫼K+7mͶ69>֣{-5/"\O\rw퍁#ڷS}uI$ڱ r!bN}mWA(ךIicմ1KOFq i/ouHoV3$򓀻F3=)yǪ1i(kȼ[pLޮMhR-)CWc=c:5yn4<'U rs9ϒKvYPٶե1F:g /zVzGmmqW8 e1,!Eu*'sQ5m$Nhc[( Jh:>m4 36Fcq`2pBY@@m/ލkO 3s)Qof>GZOIH*R6OԨjS`\iQ'صu N2:gΚlٶ>x7 )'pۭ;1B[ൺW~~kRIpsr`1ޫ٢jōsĒ 5-F7ʼ!KPHoq&l4oO{fU3ْ 1չl#jo6^d_Hr¥1WZrfvة| Ɇ? 0ߥЯ?Xo U+41ԤB6;2Vm*9}Z9}1R:"s O7?ڣDÑРlw[^9{Xa8}iReP!| X7E&L&KuYXs@ZuV^GKf_rkP[^R^or/EVJֆ=sHQ ߜ=[W71jM0+%իUgg1j=ziN/۾ /f2~n{qߦ+1ǩVDjŔcO~z{~usxw!lP3c5 ] b@ct9x$uULIE#ΟllHTqHr:7c%5ýE(<+SWZ$%Um7)g`zҧG:CW_w"aU~ xn9R]FäoAYqj9; Ě-/Rѐ@<yLZKY 6?q& X{`ʠq:U/SK~#i`c]\"DuA2[6㎙xy-p6z =)5kSbu2-w8P9>;]"ٞiLϖ$ qڙ}>M+m-$ F=idMJvKRzwcg9zU{+2P%yۤlr0jح]K89Y8tSs 7Zq&:Vm^Nk (}9 EdQ$ NO]XZrcZJ;][NB41U!Dn F $M@F1kSM^[jl^8A~\8:xq.kpbl=sc v9|K85;\1<.ڵĪf1e8ӷTن;WҨn,ggJt9cGW-ڧs;-j9GN U 1V~NLbQscd :{B)^in8l/ dc*wɦ8b Ѵ>d$Sb&8b$f^.sDKjxtZh);0M-ˊе% b6FVbrJ]r'}*ٹaNsԁx8Q*y(Up7GZ$řVrLU1i}7268Һ#͇Z&CGZqbHC珸COHVa$fzL ,-#}.t;"#%vh(%cXQݬ9%.:j֏G۬VoL7 # u>,PͻO䢴4J{"ѡ]aV`9KxY̖6qA?]mq ;&w(ks<K8 q)#ԑtքJ;h<@Yrɞ)Ny6av"?^-{S&:KdJ $txz5ŭH%m{ېXs@<aj{lrbi{Tw_i4.ty@Nnk3:鱴Y6=[,JqMeX=kGRR|V_-Km\*PEzLjχ=bg!oVWfFy8#WUsr0'Kr%{a z sڽF|MmG$;(1r9.5[#75,F7`ph[Asӊ/.W@D*da}icU/{# OW:e,ΦHӞ/Yyxq| .o@^UY'w?hh7Es1]i_-#@N |ߍ9 _ L̻VOS!Vm]{ ܻ#TdA9{Bvc&5ZO4c5Q);lm'`3u;MNOc(<9ᔎñIܝMʰfpңc}YlH,T&WhN㵙_5վD0/%fqn F֖ —a\` #]fAF1nU{ F%:RƣyعұoUٯobI+d}hވ+th`\0_O4lX.,nǘʓ.U#8}khDms{~ yHe ӷ//$*@ܾ}ߕ36Rjgc$))\z?c^`;ݣLKi} <]fTpzM iWh[*Ly,X pz^\6;y+ #- ׭c/З6egә-|ShUOݳ,sizm֢ve(K>֨\k:,5ފ%=na&[gԼ% {Lw⣑T44Gp.t}NRd%$n3ǵtVKIPD%rH[*':c+ʹ-O[!k o4A O?Lb2T˱#1~x%zZ4Rl}T5OUԬ`iŭnQ12+>IZTM#QSpwaEu^ ^Ayg"݆܌;“٭3p9x/xFld SjqD6SG}K$ad>8=QI-?Ei,iGYo|6ZL֤G.dv<ž.?e..Sy)Vy5Vgk"j^69~CM%3ū@& dU{o?ٵf G?C֋vs5Wr mΊ[rȌ?l`?Z~mO@HcרZ[m#d#qsO _|hoe>?C+EW.>!i-oP\?+π(Q\O4cTS+Ҙf' T3> dc#D#IdxC̈́r]N֊$yP{E&qWuơmXmfs3yP9ڴ/O.-oukeR:̀<=iWRW8|q޵;]kM3_Sc7l^gޒ3ܹBڵ܍w{t3F#l"8=ԁcXw !L".9{{KV{"YK#p< =*H5-#V"7 &L)$d3Ȩfw4dKqs$F#x_:dr>5*sNԚAd&"%jHc\[Jd|Z7L  5W<;ɸ5+d(\J˩Z$x @E)YFGWpTqo'؋kpĦ5:Ko]%ԖsЌ׮&1Q'#axݫO*j$.I`IMs^}VXu(i\s}W ѐHs}Xڧ#"W eInݔ0@'':U Id;FfK9!I;Z]v5 Kv#Ο*k ufmјy|ۀ SEruiwf-D`ֆ +ަQ|3҉nuzs:W\Q;-4E(WAV]%@-? \tJп|s*.-|;3b+HVSU|IlcX|2ҧ<;M$/-EEBYHs>.P{SHoQ\9 XUgˎ}+REv־$ YdH,I8$ҨwK@~{#aEzPܴgi$_4)ʉv7S;eDz S^h_l1b)f"M:-n}/λ'.iQzZM4j,nf=G2= &&Gw2Ҭt^\Z#dR/򑓎خX+~Sָa|J$wi|Rd8?\:UQn/Mh֡Oɏ4O,Q#|㓊Ixvpz8+*PzF!V5ug`$a~|)h'FR[vd cKKT:?C5Xk*euٍp^)DD/-ٙDˀpIPk>'A!cYsǏzfXG,VGD;GlRu_ğ_k{9إƕrq̹ }FZ֫cscop4ŖxmWqֺ ԑEFCm3ղp1P_hAqpĶDشe ]{ U{9I[<oUI$gsmRoiP@GBZE/ٮ Qco<t0KmmáZ?{–q8|'y ̾gTWMbn-$ 0$8|?\x?}͜}TKgc NR]=uσ/$\MR$y_qJ xn6ߧΫODLpj .[Q-ֳiQ˦W7Cp`+"M޼ ll :uđ9k ޙ˟ƎemR*{Iv 1m-:$9$ gW'sKׯ#-ݬckP0MK^' d =}ҴQՖkrI$mW }? njZEN Ý9c~"#5= wnn֢ DL2Em/~zJ ڐjEi\.:w#RCR:4UktKαi)Okd3 ܭWu8yf!u,BwfuF}Aԭ߀I\ߣ8U)pp=QUo:+؜r.$44{g/[P諤$20'.c֓7ю8uԈo?-gfž ;P)P'TbHU[[kj^{+ *'82ñ lhځ2x^PkU{ې@??Q@tI5yIh٣X0pq餑.-7p>mzFkikYr:\,g+#>'|W_ h~mG8,1۽S}3L|kq=׈í‚?۟̚FM]* <5E7,m,L T4_f.fFV8#˿ FzkH4r` FQ ]iIrHӖczvEd:Wm*^eX=Ԃ{dkA|N>kmqc|$GY%o bwYʌۺl;dSbɈRU&TSg~$hݦ̠N# @g>5Dy~#tG>:ʺY v0D dg+qdcUvtgk=!Q)WrI${ծx\۟y6.Fqk-b pr湇s'`u)A;+Ddr!Ya!vg0g@BS:.ZOp1rB{g5 Vӡ22{J62/4Gm@R{o=qW;]ǪyZ'J܌osDʪXd^iED/te"Qz{qY(^+׿ַ!@-n1gj͎a>ᦑ[z-۷CNZ+J<3yg.oOJ<-q,imopco0Zppwҭ$t]/]ݣH֚mYO}UxR?r|\#A49 ;Z떲㼊PG8ۚ#_\j5 IhWVާݎ1xLY,kA׵FgDd;=ƙZ@H=SMqݰfǢoι*[M m RSΧ}Tڮ1=$'KE-nЪ<|?ؒox˾(b?au}KI5=L'̄Oˣ.,$6W'-m uJJSIڭfȽ<_*f;;Ay5$1(u K;3 r|9WM }u<Ѿ"ɧ\nГϧ괿hBvmiZ.]Jp0xsyOgBXW+T|ny8Uu= KcQ[m嫑+=$Pĸ,S"p?@Sm_actgtmuȣE$KXkU=6Fs{w4h1$}ՖUW4qN +l#c_ʮ*/dRZID>?kKSН6? ƾi$fN*9#Iw Lp39#EUcwb]Y]9nq}u[hrwI>@mP Q|ןK״o#X7fb#* -ʐFxUWsq?iѿ^g R}23<`<]e,~'ŭK!]'pp :T OX/zyuq鷊+$m3`J[?+B}94DUmV4ыخ }I#<zOSX,{Gq`_i&e!#VR?j289ߌSNd;kw,S"G <`os߮?3v[ dMyR=`UwP ӤĀ; jv'tJ ]ۡ7PRh.Ηasvǿ3p/L/X= =.w 1ggz&Jʸ5)PN~i%G.nccx!8WnTr;pqKCTs@jvcxFHUuXDOvУ|u“XqV-?EP:?[%YN939.]7:pqg-BV*8P]x;IUχu`M3X/^<;Hg3Ds^wZYmc<?:\LEm1[Kw-iY6Qxu.`1G,kÁvFIRj> x% 6)8y@9ZN=c55\-Zkzmvz7θeHCh%{gwmY4;FӼQfz_Ep3һ;'3١gv 95jOj^Ԛ>(E?+k 3Ē뚖XZܲ9ï,Jj̫Z@U$f=R[6ZCYAd\VU2?2 :'񦋀S 1Fj}I43?CYxVs61TU L2R?Pd T0UsKh yHm:~d9T}7+omU:N >89ql1T]v=`?󦠭;ΛP4jrK =pvh) Jt۵ %W={ :4>) RʧH5֬]{#s|畷7#Ckunq _5K-xmFv$ኔlrݴq t溹e1x{S'%c`){5AZ(Hkz`u s5'}`k]A|߰\cO}:ʾ{gQx?:^W`u{VQ.HXiB;-w'JMkM YX,Hm=n 4ٰkwn9ޏe!hQ \ˡk[\T[ivbOq,.n5 hG87XA.ϵ}qf#K|#'#/| x|\ 9y\E!RF08V;|;x+Y1a"u䔑_9|):#-fW<2׸jc][!477pz=o /+=*'snigs>뎵6[Z]hF}׏cC5W$<=6g5.0 碏ƽRӣi//mc8#[_k\Buc̊ 00*To4Ka*`蚉vWiI+鏗^yNլ+ B2ٕ=HnGN/|7x1aIa?NLø .%PFg=5u7^xlվ4x]}g"|;Bx>hjycko,qI˲ {rE*Y2XxР߲2xof4+'%N먦 `?Z*ulk @~1BnjZiG"2N O=Q<9[>nn&FʧН}N+g.LvO\&6A"p u5< 1^߼rB_K Bqb:ϥSHnmB_nl zv:ոRqtFOWn>#xB).ٶpB&"&{g0nƹ=FMh=/ xT}s1}wRc$j{pO3=iqǰ5鷏Fg,\a*Z֓7W>@sNH.#Y"J zlHZ ֶLH|Ɠio D" *>hu \\&zq]牴[}{FrUaOb+>o)yZ[1ek6oJZ3K' 3ǵg ֙מ)TЙ<5]{Pxkz-]xcGSuMN->B\/Vcqԃ9_'F7Ąwc?7w(K8wH?su xK^M̺]i&E<<7CM_fiaEhnA+nUߠ::nZ3GB s2'?y8믳Լ?8;b{_#:~m[ Pk>I5^f/5'yʞk`Խc{Yu|8+>m+9'k?H;Lhx!? S6m ʻ[jZ7|il̈n1,C^znITTb\[[z4-u7^"B9im rDP G8[s4VA4*@p݁8uBkP# AG5C"$ w&}sVUhrj(> bP~Ut!~k27T>OJ>>,jۯlʝi{pHx k&} 10݃VMna\gfz. y?CskdVV |9K!<!c#藶C7`H?/jWOc&'q&jXG☧/m[\S^۸GRA$27]Mr?~ SXhxkuI2'<)jǂ]62mя~ xPr}z+b2J +n {[!h-Z3ˏoWv1::}OvҜU _6׊E=OŵΌvq;-lZH$~Ein_,5Hd9+Xk7VD1?låtzL :}Ensc6NXjcP k[+);$X8WPhaUEW]?xL[h1Q~o5XI1GέK9mJI\~ ת4i[XLCj#?IGh92?鼘?3ֺ匃y k9\o:-<:ݗykR8b4T1U' =ԠwhH5w&h%OM֎gZv8?ClAVO@n£涌e&+C6sz?*:m(;hOk:* /^?:W" ~TV%Ʒm;Qk `IIԷai@oi:^j39rV&׵!cw5hA)n' jX-j]2˅<]Dx/Jh؉/\&iz澑Gt#n#|=J+J.׹xEY p__BVS:&" r6nэpWKKK-PHёW> ˏz՟ۊg{}SƣnC3V`Y+NY|c%ʎU>)f.HffW| IV@`vgz"6٬INOubGgBAM_gdF<~%\SN-;v(x~4Gېqڪ*Ff𧇧 ~__( ŐJ^VP1:q☞Ųȥd\|l}Vlx|`{!-PuRAZ?&2l`1! 97O_\1 gXڇ4$chi@9$xr.1{׵&YYرE8p52ԞkcX|Ea3 vٴ!1[>'Nf^2+~mc\V][6zeeV2z~D cMy#t<@ ݠ|r9xzfúI'E'G{%8!a/M) xgWtRFX4be+SQa$hƢV} ;&E cmqux \ΥI=ٓwo=?:.CoJDsڕ#VQnW>6[PGX_ H|k'l4E4U[x[7m|{exqO\m&z1!`jy$q0y]y_ @1"Ưjc>(el0.}Slfږ0Z6XW S)jj@I,~n?w[(%S!o=+ Xe6i8&gi- :G Z0WoA^K+}R-.oHWi`@ש[JӚM=QcM]Xsu#'6Bn.;\:VaXt+{?Jw<7ZE7pF&RP\Z<$5;#B)W =?ֹkvi7J+msL8 sY5HSKҧMr7>"E%cCXw\i=xM}LqmG]ŪZgNMl }f̕<7JAӕ\+?MK\E&.-#iK>(}K‘{*dPw&>tmuCuF=Gt ѻ*utc-?욆. c]>!7yG^;9 ?xTikJ d2 kagI;fZOHO`d>vـ w*169)Fkc(#܀H8d<VnBgkEm6W?''h_MZJ̚m+J t,ex_ ux !iʟ]v]F#*º4m/@iA/@pߝOݿ6>jr^ .sl =ϝ_&cOjIm0 g{֌f̓ç2yx$w.*$Ԛ͸𞝨뚶w4[(Bj$ۊֳ#\n 4洁ؼп˥o{fl j ,j>Uylq? V+oaf@;<w^Z8v_*߇l¶m^omT7r9ZIa(&wYH8BH|z~WӒ݃hĊ@Xt׊Ѥg)nڱC=t&k]mFCj?ƹm["=NэqD y8*x{uk:\i~{(yH ?b+tex\e]N 9V&QHA{rqpHgڳe6h@kvU mc%̉0X]w7ƖS|S:HWܮsy ¶7)p0H = Ƶ7?ٚdL+zu h ;-N&.##捀oOOƹ7VN=.4Z݇qپ+.CiLL3]?T ug^ej50GtkB2Et)`?ڍ͏;]A-C^^<+񝽋znO0H@~if%%x’]]K_ڲ2F=[yΆb'"FVϱS-7\TE Mۈluv|  2f[õvBV.j^f3Ev٪-DnWb/0[])-27WڬR)HB zTFS:2>S#__>rqsk mB'+E:2USҽ_-?~p`}kմ*=+O9n&1\Jdscj q3WebiLB=:@~ BqQwud֪w^x2{VLIՇY^"Ҩhr!Tm8Z;ZE>|'.HդzF9p?-Cl i%5}h%3N3j=Ŗv2ƹۮD[WIB FFydeޭH'#sZz~/I'9tE*k;1Kh@+/QuEoHc5cH]l(^cG5ghbN eIqI4er59hr ?,TW~ey !_g6*fFPx"IWzϢNEXhwi>~ qɎU&X|VOLӠW C*@r3w5|JBV *elz|޾F;d/K oURю1mm"I?l4iZ,C۾M6oزU^bTG?ևU%5{5Xc1lU-&`a^'it'c^Yx'~Q--Q9''J;Y^CL@V=wOlBfKwtUi`ek-Z T DJ$\GOܣͷ;ˣ'v>UY 6)1E*=A'VjE;FKːs}+%BWqdwZ}oP<#r4ko ]΅dm!$$TeYdq63Ɨ Vy% m㯵ZAteuĿ4ysKCQ>˙TGJꇜ5r`>|t$mԒ@=Lt)4 K1 g$; ]Kr_Ys3dTgQ(;uc؇6rkq(aNGVm<}lE|]zvx4sZG& B71c%%v bgUvT49؟ o\ykpd/%Ιi)<~JhVgY|6p$Y00}sS.*5=/+,Iez]RWil.bbNp9㊮d.V2K)y'xרt?5jM&1T;B tqޥL1eSo?O] #KC¬&s>L9|q=kĵ#s2o;@=k|z'Ӣс<wGy j‘ f`UҺ%+ϼwh5.w.Fk9 '$`}+;}sG%D^'8zo.!#jtC}j`Ոg^'&[%Ww"TV%]8.H|Yq]gӡÓ9 QUmu}F+pժ>^V2i2'o3.5 x$>dΧU2gJuj k+u$ sF2}hvqQh?-J5Yl$,@ `cWvsMQ-7|;pOtS[@ng1&ݵr}~IcO{J!p$$EKot{ky-̲yR Gj|'ki6O%wOe,|~Ve*) !o*HQ85KS7`~U& 2=YxTꑷΜsI' c= []ԴHK4cݟl*$`q#h쯭ͽwPN=A5bS ivwVjO㞸=т = `#Ҿ#m~BT2n-+2]rHXQlzsֻ#Vgja͗`8 JeJiʑq 5=ڍ1NdTG+ڵg; 7Н߻?H\xU8S[C^|u5,p9B)M:=B-~ӺeRElh[Q|azxʇ0XQ#*/jvqkdSTЗE.Oˬ/_4<(|Smo+1ڼꥲ7 :^wPDg%ש|DDw)UxYHMx__R Ob8WcuMvGiʛ$0Od@E`/H9)ߞB~Y!ܸqrfynE皇 ^!|>Бaul~wSò 6F0Y~Esװf㴑7"5q 8HV~ß?53{3q)6ZmžHOk醕JbKg'`O;+U-'\%(ҌwxUۜɠ-B_A}(0$1!me zgf} \.4B.=`^6 A%?M7Z o GѺ|_sM9IhdWiAfkeuMFd)4%PNW+5fF>m'\Nuπ*::Ewi54e#|m;K̇"Spz'>5tk9;]gj:|rwpdW=3؀m_LrGFêc5QKq95g%r G23FH W{I[d[qIS]i[C<{0=gs%և$k9m >o>׿򫖰9qjJs8#5Rӵ5QOP܂=~+XJ̸Ӷڜ&"LMbrnpON$u&CD>i:ʺ:ַHT^iZC{em:f1U~l`{`6~'Ҥ\8}߱Q([N\ \ӡ״U4kl|^?=;f]e&7&˔s,yHV'^4hխĞJ0Og ]fgۺ@a7ukU"gJVzt} ?P:t7zt;ua{ԚxGJoa{˛ZJ/lk+ln/.@ ß z^UH8;yS^gjqk ui4B6ҧ% ru=qZ/~&jyrdFA5_Zi3'5` vt?|2;6h0=B}q6d}Ok} gndXuS^/ƍ{fhRL{׭i ֽTU=nrΜho 4>|u݊uWYXx[ ya/npq_O\ %&-mdISIq=~V^5ZOI~ γu_ :-fH<[5W4KB;^ɏvk/%ہOP qw^-5DI061x۾ ЏǵyUpm{IKFp"^ vX`O#Ʋuc4>-SpGmYߋ#rK=n~CҼJtĺƀ$$æ*|^C#6qxa3O=~ 1NVk ׉^[_Ӿh[ȇ@ۏ+:-fSXd^ 𳉓m4`0 ][t΀~0]Fe8+HM%(=40~umFÃ\J e&X#+&-E[[7B+UZvlL#.%U#)WLZz.Iњo.`_c#TjѿG|Ikotos~}itXYѽ+>]o4О6y4FE2*OkXʴ>G6!Asq}m:)1κaֆy.^Ăe.Gf_|OV\`A]_Fnc$0K'x6*oE+R!uTl'\ċ̳᷇H9w?t2-!hKWْ ! zc=I5_]=ż]]ḎlJA˒qd{Uu}dKVv}5\9@.:Ȭܜ]qJd.h8M[ž&}kğ0\G֧*S؈yӱT^?VZ|ZBؐ6xL5BSnEx,* Muo4M)@t`:yVYSOZ-m7vv3,qD Sh䷕w+y< V\l[7`Hg-B8$KWa~UoJV=6kz*cqz+45KfUv5Au<?>{zV(]:vpGe8H\ZW&i^!1*1q!ki"D$baW=թs>.o%Kf<<aϷC}NVoMGuM.yKӢ $һ/*] Km"1h\7x:PWL[E# +v$*@W^r;xR8"(UTFFʊ+ =: y^|s$ۨ_xkHIGԟd|nh\Ly?FXwqҹ֚7./$p XA]vEҤ˜SQQԶ\._kv1,l@eHyː:^nBZΔ⠓gONuFvd{e'Oy폄u cgB)# 4klm>\ À>5-N٣ӭ|fumYk3+P%CfCY>İ?Iqk7G|D-|[pZẊy )T[39A-ϠRo[f$*;D mZ(tIXZ*l83G4oȭ9hf;E7E嚰ޣ3PZA&S)hՅp R}WaDA8%bvx(\*_:uBsq:+FGkx?̈x_3/YL;;Lc:uZuͤ/1@R?a[hY NGbys5Kc_BLz(IBU2XI2Xn>ok+W3[}I:$ V<ӯSnhwsh 6s ?tn7GNqKj:Կ4[I #]-x&us) )ot @Fٷ(7OJ?/ڢr毚<L150A',rץREmqbD߃z?=uH-Q Hڽ |cK]u̎C8C|ӕlb:Sxnͷ_;Gq =:zV IsL_|=1ͱwo~8{'+Lo?n|4hwKMb, YV.n}z}y֭.f) 5OVqkFa~{2^ok~q}"ucGwQImݔ.f)>׏ZsyM;|I6UK,d}5x֢+Dax=ܢ_Ӯ4j7ܻ&AG#ׁ乴IntYɕHpOC޻pi(OI2 xO-Ug[a=3.,|M"ԱF!wUV޽?lm]2 {7M9K7uMsÙl{#^{H`&6ڽ33Q\wp+aG*yJ|uZiw3ޡKqН\)7צ=5Zq:bvOU`G Ԛ.Z9xUԃӴ{aVis3mWk1Uwv[z8+FphT^B/7&FU`I,rWCkM᛻Q2?l.FGkN\ edA'$)R{3ĭ|FDy$1JNiM(&FGKeQ6KֶV 7 B #'κvyW>:PBKna&Nrz6ZqWp*kXH=AGZֹΫt9jpQy>ROK摺}W`^ɼ9 ȫ0w'kɷv}:>Jk}C#A#L]GNqvw0U#y27:U k?Ϧ5;Ugڳԭnk{zQԧEsXju5nqZ1^ wzKfe׮ -+(eb>]S %CtdNrBw?ָ GsaV:'/szWjg,HX$D1yYzp8B߇ t)m$\4-P:nv99wM?+}=X0V A0F}W(u 5<,^9+'E,RdZ|قO]6&ö$F`'Oұ9n[T[*.;UgxK^yw[TFl[=v ]Bxb@?CL f/ϓjé|e)b#l̾ƺ=?7c\ң8}wOz"Ӽa5Yx)1Y]rCK{ԫ6khècUZ3tΌI> C3lw5a.Z*t7;y?Gj-?uޟ=xK$sIp;?Lìl5щ1ޢbyAO]$>ghu)©ˢilI]ͭrI_fT[j;mn⟹eƧk̶06-hE8F[䐯fu=Q$Eq;^?ZUn+ls]ZwryoSxuk@n_ʼiQKk3b @% i\A:l9AAy~&Pv~Wn緜GVM_kdOM}Gu}a ~⩟"<Yk9 wFw+lXRZy{ E֞ 䏙q/@$i$FIWq>  Au^_ѸEcYk-jM1Lk.qGNV1d Kz{*TE 0 G=ծuZ5}T{|.gdҼ5ƎfIeyG9.v2k_Kvɓ"q$O M-3~xBc=_$W|#ݻ5[YW[Gp!+8}+Cκr;ZT#d7ެ^ҴXYY恃;7dEUxA,9bqV)zt-E؃cJvif-TGz{Y9\8Sc#k)da͞ N'rrGWCd!#i(ftnw%RC澡&[ǘ*ԯdu.]O0瞇8 U k¾'zė*eTK9EE+;}k_WiV+XվV̤JjU5Fmf2)vȀbw; .y>[j2nGFC;Oni_MjWq^*ۡ%]h>2AwЯI#韧Lefi27>{s5WI` WN=)'&؟ooC]_NJ~dO;NJ `˔OB=APMyze/x^=J- :*Pk;WBZ)yV^XrҸm"63bg|6Өk?yZ)iGʭ,#c'h 982G5 f5ʥnW~M}>ddad^shj#D@;zӭzΟGvRi{gٮn36YG]bH.$\$lY}A+>a ܐ}sڻHkY"7%sk{`ԭ'tjѲTsA8=:֌ZPr{ӚwvF{}ieW+TjV7-5ƍʞgCppspL4p!8:(R8Iҷ냊nX~WmˌCi[܌ү=FJdUuaʰ5{}>N< !*Cjy8I#JUI sNɋ[2Ek=J3y.G)2GzAz*.cd?Y%Usɯ|3W'S--g?OW5:2is/P?{%f?{j7/G-W%L;_OB|=oV~gk:F,W6[x#)׭A)PWSt-UY籍uݷs\s[:2G!aϸ{|;^_HԞ1/W;FMՔ!-#k~5SǺ=HnhÌ.2HVŞ<r\BkxiGb];AAwz+ì|]"c޺[D 3z]ޞ) kluJPaQVVjB\M9u ⾦F +sOW<3~ 9S?W_2M1I7K"0>rGG_Kyx,I 6yWK h7_[+@6kr?/J<ݗQ6i'h&Ekk+3Y MVBɌuQַizL z{'`G񽽞K9R]׾rsZ$MGdyk)i7:lj]F\q}+\ ֝+6{i}myy:29 Sa^}=Zwˈ#’*~8?OznKhDՋe&QOisZ4ߊ2OW2G:p2fzqZCym41,J$FE^XƝ5/5ui7XÁ#c?YVf6T?z2}c_<9kV VW^YHf ;' /S5xKP𲽂 DYPG׺S@0:eh"mF9ޖP],p͜>vRC){_6j[>sUVϾ}jX/ Ds`q\:^MpG VxQ%:&By*T`ۭ;\Ttk {sg?4%BLLyR};I|'mԩ- O5WSgkO`Uu  " `֍Nz#ֶ=y#>xOGh- 'U‘sץzvx;J ?Ai[:G')8(w^is">ȸt {u$tA<`͢$uom"cekgK6cg{ce ]5? 0?1zNh4˶>\+4}oN[g1A󏯨\W-JDWᕟ3sW9x6 pGB+C /X]3Ñ\[Jzۡ%?C[>(1߆mv/Q9OxԚ5oxH$Sq4v' 婂Oc +;3R66 t6~ ^JcUa?ZuMp .)oV:W>lnXlW;$C^jw*{לZOS-u܇fYb IX 5^HBcx>*TqVjQG+yRe\ASt_tGS1*nRӶ2OC*5k[ЧRӗ,gns9UO]V[dc!2ESopq w Æzƭh} dh#,ǩ5۪u4)r{`V۪yUZ]"/oҦLU1Auk+$U/ҟzvO"MJAXZR*cdx*!⾈.? dyUtq 9mc: :ݬf(A#1e#_QڽL6 =ˍ;S,Ke} 98W袊4h`Ubp>r} 5>&a."OWl`:eW v]GBp3U5iloWggS'' FɋEjD#?S]nl{W̅$CWg"iIӃK}:3ID%lO^w YU-H?ZV͠[~[\He~[br2Tc9'\O 5r;Vt`S\^r:-keV,1yH^v.sc2~@\IjjF,/ҤkV,w\\濨,ba8cS3Տ\~˅)O^UxKяq81 y[S{}.k > +oL5W$==a[k8F~\9S;)FZIs?Xg }Ix+&s Aӊ%͸ѣP䜌|Dlsp1Jy?mDL|5$zlRF+hُo~F6MƋ c^~m/L6q‰'MScWU| ljxg7u;hiiI\3ϱznSNdֵ JF;1eG- <OW˲,p2 <:%hj?4KfX֡kF:o*u'9UgSM5!?huPS-.n~UwBa#Z\qMk I)3)74`AP7$h?F1U IynG9%ǯCt:=@~8>߆+Ҥr67qYsj;X 3ܲˀkE,4m8ik1@?ZG,.>W ++lb#Qo15>+IPj?*K zR%Rm$y>{y.u HdA#8-(RUFd7?&&~g5%P:X)9-6'ӃG,U:wC2]&e!#AgT,s)k)5K<>k/9{ѝr.J=gSn XsQgK-mʫ漓J"Kp%]'^s{(I4EqsN315Q۹]jco-Wh0*[КTu`k޺M*7:$7/]\ņ0V7cv+(3-{.IWYz?[挃AjTIAMjsZpkIDwz~)5ڤ4{ePU*"Э&KGkg;~gRރOGu>BE]eխ7!ޟߏ_Ǹj z3iAڢ1b90:asMPgT%Xϰna sKcnS5f8e K\ZJHn=ZI]qۢE"I~O8?ZTa-ѽbנx2%뗁ϗ/οLsz>yxJ2_=b0Yuf-iF2AtL$2J׬ũ* |;#D %eE# "5R Gֺhz-Kg+d%5/z/AvwYoMn{?2;0>kzġ?^KyIxo1z– W>h&{^k0Hkj ̓W$J,NEޭzC^OgU;rs[ Ft(=2jo =gHgAqʞ%qfU[<]ubtmz34˭Tg޷LF1^{+5 =#{Dnb-[]i%;Vl.'}jΪHܡq }?s"ܸέs*%G @g!Fvr8%JiRDxuߙ8QqvA2$vm:ݚ}ݏ&^kVU!RD>օ.(hOwp{LkKX_)}T(T ĀO?Q^ˣg28Q.wQog4BBv}zE5mxO{ %y$(8^e3G̖Pw?ZN-c*#=3+ʹpڌP;<oXX1˨jpǹ'eT7wn\Mֻ:@#9M3z"݌y޼֪0Ӥ}^YR%DZm4gD *8Fo&0ZÈ$LrY>?n`Ko¨kdp’oML`_ˏ v*Hjhm]n091)coA8]8JMp'<~9[ F E;xaӂ@VN:hm@36Nc85rJm\d1A%# p7.*mM2AoV4YwK% z1;JƓ%բ$ ℛm$zVc|}kV@(Sׄ(bet.F" JCi=r݀Y\ +uP$^,#A#~͜φh=j$6Ȍ_|Q[ P7~yKTU& #W%w ȥO_DE%[KaPCp'%L|2F%EFx,S86_ĀjA|Aɯc<p^W|vGK.Li&*Q^W~0*^]L#9Qyϰ>x >ksw֣xNX Lǜmwĸf#𣕪LUGչY兣F'tu$hmѽϷ 5Dț-slO=ڨtwy_ڂ; ??T$\08 t1֋+MAڡVlpB9IGX;;_8lټm#+վ_ONY㏭dtI^FKWzq] ԟ8B@܇5$W,l<}k]eJqv ׳͡=<'b:($Z~!8?2zgRH2sޖ)@r[)!P@-6 YWA`Ze?n@n2@2 gYͼbmg?\cH@G]ɂ=<Ql5ix݌?9vJm.#s|drkx>ly`yk)фGM,UZ_ #r~9 :$IӅҽSccg_ݬEYos\µЧسFdBpU]CYŧ$^}9_Һ2t 8? t_G:sΜ#jj_. &{$6:{?Wo':o+?!^o9Ax7jчWS.f% Ū*\*'\g,O?H%\_jQ|SZO)%yE}L\ǚ1Li%W֣{уmrlh\5ƗWV ,9pZ]"5e|F5{>זEQ[Vg@3UXtAo1U 3@tB^O؄9boSEIܑ&"׈WZ\,Iс zn@{ #\iI\Q+ipOSo—x6'MG@'$g?iǘ ,V~b̐mսV,B>q֐\[ß0OH,s::ܪA nݻh~s2TMJ n7@Cxzgw>*ټ0Hd/<\Fa| D #"iJ9Uݦ ևlRHY,1v}= '䐳62$j:ŧ|){\J7m~C{pNy[Bk-"Y s$`sǀ+zM5cz4j[nd(!\*;!?p1~6kZWn,CH3ߟ[=5gn*VKk*!z5ӴO3$ܟ+u{.rIP 7rO^~kH-Ӯ=Dyw-~@q93bT^-MA]~^*C!q,8Jh[qO 2K/=SQ2F]!fC(#nNj +c(_ǷjۿxHc%ǩU6vxrF:Ix&O5 b8*E۹NzsCսhǵrmv`{ӦbU^e”:9u(Y' sspky0`0fO$d I]!2H5sѥoSWސi{+ԼEq3Ie,NQGV[:mg9W[KC%~镎}4r{5/.g%[\x-o//R p܁0}5ꚕ֧p];xZhڥ{[ aƑ+xad>*U[.3;$&$ Պ#1ȩzG)RY%s'ڡҸGʐGQ ݪWS9N] [Mi,g+ؙt fvo#p:zץ&.mcbIq* ´RW׆Խo)dukkyeIDZ[gM-\bשs\ͦ^LZ;7XK"R=³jͧҝ;ONk٣I{'+4)IA¯>1@+KQ!p33@N1O-ΈW͏o|ϕg+ q.GBp+wM[O1a,r,Cd1u,~Lh[uw],{<7VZ+wҟqE0%@Ȟ2ɊW'67:dr0ٞX[ Q§SQ"q8\Ө4`տ8R9w=M<9H#^cIc]2@ӷbM ҭjv+uGjfz@e$>6ߐb PdqHwQ|KKl폹r;˔FO/1+6ۃⲝOtuQ֣Cn B_[K'ٺԑjF@0H95!ueeH)5xWJ5ހ+XY/<$mr`5 +V 5 y H&U/a4wJqXIw$G+pkI_w3u?P9-޼|d$p?!=OšޞۚѦ9BP  ghapcm=xeF-kcDH;{U 엖f x'>< 67Z\0__mHqh eL|ƵmH댱 W|ėq'頞SI#5S WZxXqNYw"/`q= y>qV|s^2'vCO]N$l >4{JQ9mW ZpĆk(K2Z=Mz1f, iWd^%k?>x{ö0xEo^ {N6z ђ/rg!bZSĠ4lj\ln3QF<њ$4czߺ8 Ccֹ3Q7,`W sGC[);W #yAa9GˡּQ 7[{]NKH'85*ZRTm:d!s =N9j6UnOvqʣ|e"A$t)mHf@9nɆur85:Ds#wӢw9V`$iZBI׵4H[O!{'`k~-u tx"xNn Oz׼+ ^omuaX)y@g.G-ymz̲4?wqۭJ]Y[*+#߉5\WNa\4Qd882B\qW3^=x1=xc52#/[kHi~Hg2Ȱ[00zʲ8d8y!+ZcN2uY%~C\Rr=%Mi4>w?m]?%$%7O pYX ?87e*/ߢ)#^N  u} iQ621?J֟&n E((RNz~f4UF߻#䲁"s]ׂsot/P. Sv/4}&]&0@]N}UQB2\]=`Sk .>sM=C!|>adxlWewO 'A/.)rWW,P#XodwСvj/qig8?Y3_.v»\1+YrsXlU$JMԜiŻ\얊i`!֩ŶF8ǵQX(r&f2KĒQgtŸsĭZ[P sJ|1_G[!Yn: (; V܊ǞϤt j0\n8$F5{ js^u@&w ֧umCw]ԐN0x>tAhn\=ꮬ,kIbJLk:kμgO-/N->O׏zKȦ7V)VʷZєx~ 6 yIVgI? :3VƩxn C}+싥ͻ!%qvZm:ڔPۃ$~?ShVꏙza-Ž64>3OoY{1–ƚɏy0'P9'^r#8NjT崞C]P]񤌡̰$W[a⋸Λr,uAvv탓pu8֕ivDѫ:wpv7쵙Ei$S^x0ex=fVQ޶!WEyX{gGiSGQZs( ?tvN=Ẅ9w~,sΌSaP}q\>* o sK5# R5bzmlPCr9ʙq"c,4^i4! jsgs "9[i|Q¸*GcYYv*EW^tlsQr+u9ZȚAow]5 qޮ,ۇ G=*h(lpRexn2G[Ap*?]]핦n=Au;9.I?G֒hntCgjɞ ׵t]Od=F - mo9p7kiRT4r d :)J0nLVEΛ4,p }+PSv+ sZog'rhCgjUJ䂼W DdrN:w-U|СZbf7fee(cnʮIk]ZХ/j.xe;=rTUP@Sx>ocQ4xsַB0lC-J@a0CswyW,lyY0b[}88#-}Ɲ8OujY?_j^p^ {O?k DzTDVGeµ-/uxYkj`7JQ}k }QW)?-Ii!|yya济K3=*+pn@$KF"d {e5- ~Yp_@I!ZkI#./\CHR#ɞK/R&1rbx?ΌOpx UE nb6xjlo =*9)"tc?m6t A'uMsFzsV؋ rCwTe'c?Jѷ1e rU')GL=E< ;p#v]0~ZӸYofK+;?s,%H)&vilnIRF;iݭٹ̥ҵQkzHny5Z<[!Rw GN?Jt}b#'5v [7{׺xV]X>N?gSk-}Ptk'-y5¿+[r3c<Kk4R_jpZ̷+' q8Ѯ.Hg%@#$`rz\ʖI32?)ǯ?W*1S} |Mz>+vzrEZ1ZWI;W0MDc9WG9䎿;q-P[=Sp@Znj̊V:ۣ6`CϵZFf" S'?ޣLxrzԯ,DmW!3`:TJkbyԔ~f9zd_hydkxVY#O:˱ vv>\,g(5d'IYZσ%<)qiBYm:fIdUI6<=ɩFu18ҷ@Kk4̤OҠ@yqyRM:zHmխt&#&X>䜚en8Ң,Y)e ķޣ+sMq$rCHWFX}gb ]Vwvvmx}Ӛy;Tw:1VXXsSy: T5KE\sPD_jI."W b71|I)*w 7ܚZ˲_#c`GlбDIfk8^G*ɾ&-oNu;8AIqQsVލqqo ^jWS2e#Z2XN:REvakėjM$Cm@d99 䓎&3m-ڇ0Zh&~a}*鴤J'8\WYl5jA0}cnvOaM8FQҽӵ;H^2Ǩ&[p4͠LpqJHEZzqLLg!*HٔԻ>LdA J2}hAn9Ԟ~x[.wy~hϯr (F=~㞦l Vyyz-Epy!=s5nO߲r־u3CpHSsZ+BeyH,:u9q^%_YFk2 B wL}NtucoI-Hlb2=kK]&1lV9]QRgwG𦣨jDǖ #`(̖!FeXpTo4պ0RF|3_>|MK-0Oyd̐ v\'kHTw{ @|փjƷб]kxTQWYiA#*Lx?RzTV®RbjQ^͙Row㘅vZA7K Jֻx4b1q^+j*5}4idPCm~v-A滝űLBaי:Str aS:pePz/OUaklT9HӒT& J|W,TQ\*02F?EO= [p{ѫ3IGTrWPZa?k2E|>1Nxn*U#\}cv ȝ2}HWȷ5WE8&Ht=&=qzQ\)*}A[SUg&$AVWL͝Ve=1^4xtq\/cWa<"{KpARqip9Z)bԑS cg!{OKcl6+HUg*=k3zgt9; xuj[V?5kXR ؛$gRK_'`kj 'ᱚXKb3ϭ@qk0(H%@זTp2k3TUcqa9I-JIeFN.vG_ƸG싾M&F? ï\;jz4*3e8Ԝ@穫_e}u])vScZ܇8_QY]^. }Yp./`ȫ֚ǒ;d~}Π6 ZC+*0 3 !-x5elf܅M݁_wZ4"it{rIDsd|g8^zv0jAUK2Wi0W~W>_S#' ߓ|޾i65&Wac'ZEj20u<FG\DqlŲ_rɫOtr 8YY^ %V#|`O8s㯽Y'v8?,) GՖ$-0#U6ϡK3_8ꙗ3[LCm&!Č# r9?ʪX5\1HFH)6K4+Kvݜ~c5+H# }eiA3eURJLu\zR2`ӋqQO|w[I,pUOmsB3ڤj#S,z{ X@;nI0Hbȹp~Z}1K~\T3D"-<.1ivE|#l I%s&ÜAO_\k?EY@o}mMf OXlwoO^ގ@󴪐?^'G&lX{.' ןj-+ű*Q}M%^G6urFӞ$+Sh 5&M"̸e*rTY=95^ ^$H A.2OOp+ciVԚYNVr?{ 8fyx'7\ROzᮢ ͼц2qƱ|HI'68s&h?0eL[>x鏥lv(D?Q d浤w p:c?ZK7L㟦i{V3\ȥ!A 9ON+_xc6$uQSG=qLe%~4sEewU\Piw3^' LDh8ݏ* A n⹶oj!TE+ܷ6I-)\wze*3wS 8^;֞:Hc4d'Tд~rNb 46i\!?Jɧd,8'[޽&׏U_Άks<_lpQz9t}6S /"-v߉G 0{^=/ e3m5s _ҼvЉP(9 G^'Cw,%Z]iL6,q؃NeU$cj:K" ;roOuK P1Ʌd;zY[kiHI@pOVr3x/wɨizrűG_zj\v0]#WmnWQ+n1qFֳ|KይcVOٷFgi*~:WQ{r]Od"3E*>u~=EhյB{ڳ#v80q9F(lﴭAO.dLI3=Mri2|w ]Dg 瞵vA>4A,\,GSҋ9MixA=Di1?"ɕU'^Kt3CHfwZMXpzYSkCDe5;虖kiU+Vf}>W2}zxKW6R*G x6p<.:ga;mn2ޢd n$t 9"LAчADn ngt(Vm5S <7%kgG ǻP,2=㊨ԭGUg3 U [:]IW SQm an"xti.Fz}džT(f&,+z(fSF=+NVu5ո.^+FG$J'k/nkAyJmaW6WjgoasQ+lsI]g\GsͧzWVq㓃C9-LcYa54QHI~T4R0Ob=k|/=/_2?CW{qHZ: TJT7x=;Mw)lzҹMF&eеu?>"\zf?1$^6ᕆA%t= YXzEB +BQ )$0''5ρ4;2-YLOҸcltF7?ZМOBaBBޠ#i [{zsVoSq.=8\ў8u{w;Fq}+RZ/]$Fgv%%Qi<=ia #Q}Ik]EM;b0=aɁqqTKC,l7S:}jO(9W9ߑuͣ[i9~oL}EFcsAkmh90+=v"}u%v0\1Aqۧj(޶&}I4sy=`B yv)TA)8I%~h* SkFʡioQaӠYh7 m1Gp1zEHܭ[P)v'uMt-I<vD̫{*w娢#vzv.V - +yTqv`Qӷ'v3ZY$9 'ңK[TV=a6;hpnm%yO1CPE*Hϙ?Ok>iZܮ]ٖj@UQTMg-|YY#o2w ߯=_1QIiu-ˉ#rG_Epzؓ:Kn c C8 {Eh T' UvgZ(sV(ú)3W韽֊+IYB7]zxAt(7mdF[袸c+P7W72WF2sXoWE5MKk^ Z(&UP8E1|B|?s3IX4{6XuW*ڊ+*JRRPǵS{v:KBAD{I5 h$y|qP;Z(SњEox^I`?lA*W='9[{"!rQ^N&boZs|:m겓j4|LAlj(&8AkY{ֶ3(xI(j$VR=EVW0Q^[$'uӪ5{r W:!MՂ3ݙ~ FOL((M#E52EW}96s(οЬo p >d?)'t? &E1_((]Frgzjr\eA4Q\tJ2g[E ")mV$\OFe/,ȩF3EЫ&pU/B}? nOQ^$${MMqMQ(hmZ 5oEC(?=I QE )iVln3QE ˋG5BhYIҊ)Ds:,U -c=ܑ=QEDn!VtqzRsXM k;xt}vDu 8ztQ\=f5u?
Warning: fopen(https://newsweekme.com/wp-content/uploads/2017/07/2017-06-28T125504Z_324598504_RC1A9D5A1D50_RTRMADP_3_OPEC-OIL-REVENUES-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

FILE PHOTO: A view shows al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017.

 By Ole Hansen

Hedge funds and oil traders in general have had a difficult quarter, particularly given the Opec/non-Opec production cut deal’s failure to boost prices. The outlook for gold, however, is more bullish given geopolitical uncertainties and policy risks.

“We maintain a bullish outlook for gold in the belief that the risk to the US economy is currently skewed to the downside.”

“We are lowering our end-of-year forecast on Brent crude oil to $53/b”

“Global demand for oil will continue to rise well into the next decade”

The second quarter of 2017 proved to be very challenging for oil as technological developments in the US and reduced tensions in Nigeria and Libya helped trigger a strong rise in global production.  This helped offset production cuts from other Organization of the Petroleum Exporting Countries members and Russia, thereby further obstructing progress towards a balanced market.

Renewed weakness in June saw the prices of both WTI and Brent crude slump below $50/barrel, wiping out all of the gains seen following last year’s decision by a group of Opec and non-Opec producers to cut production.

While compliance has been high, the impact has so far been limited with producers not slashing exports by the same quantity as they cut output.

During the third quarter, Opec’s ability to maintain exports should be tempered by the need to keep more oil at home to meet increased domestic demand during the peak summer months. In the US, production growth during Q2 fell by more than half compared to Q1, a potential first sign that US producers are not prepared or able to keep up production at any price.

These developments have left Opec with a window of opportunity; if successful, the price of Brent crude oil is likely to rally back towards $55/b during the coming months before renewed weakness sets in as the focus turns to 2018 and the potential risk of additional barrels hitting the market if Opec and Russia fail to extend the production cut deal beyond Q1’18.

On that assumption, we are lowering our end-of-year forecast on Brent crude oil from $58/b in Q2 down to $53/b.

Hedge funds have so far experienced a very difficult year. The November agreement to cut production triggered a surge in speculative demand for oil. This culminated during February when funds ended up holding almost 1 billion barrels of oil in the belief that a floor had been created and that the path of least resistance was higher.

Three consecutive selloffs, coming as the Opec expectations premium deflated, have resulted in potential buyers stepping aside – thereby leaving short-sellers back in control.

This situation will remain until inventory data begin to show solid signs of improving. The hunger for up-to-date information has resulted in the Weekly Petroleum Status Report from the US Energy Information Administration receiving a great deal of attention.

Inadvertently, in fact, the EIA has almost taken on the role of proxy for the global market despite only providing data on the US.

Global demand for oil will continue to rise well into the next decade and with that comes pressure on energy companies to find new oil to replace maturing wells and meet the increased demand. During the next two to three years, this process is unlikely to cause any problems with non-Opec growth next year alone being enough to meet rising demand.

Further out, a stable-to-higher price will be required with the big unknown and potential drag on demand being the speed with which we move away from combustion engines towards electricity and gas.

We maintain a bullish outlook for gold in the belief that the risk to the US economy is currently skewed to the downside. This has the potential of leaving the US Federal Open Market Committee too optimistic on rate hikes, something the bond market is already signalling through a flatter yield curve as longer-dated bonds remain in demand.

Inflation expectations as seen through 10-year breakevens have dropped to a seven-month low and while this may be seen as gold-negative, it also reduces the need for higher rates thereby ensuring that real yields – a key driver for gold – remain subdued.

Investment demand for exchange-traded products has been rising steadily throughout the year. Investors both institutional and retail are looking for diversification and a potential hedge against the perceived mispricing of financial risks as can be seen in the divergence between elevated stocks and low volatility against rising economic policy uncertainty.

Uncertainty about president Trump’s ability to get his growth-friendly policies back on track, together with several geopolitical risks, have also increased the demand for safe-haven assets such as gold.

Hedge funds were strong buyers of gold in early June as the prospect of breaking the downtrend since 2011 grew. The failure to break $1,300/oz and the hawkish comments at the June 14 FOMC meeting, however, left it exposed to another correction which we view as a buying opportunity given our medium-term outlook.

We stick to our end-of-year forecast of $1,325/oz on gold with the risk potentially skewed to the upside in the belief that a break above $1,300/oz is likely to attract renewed interest from momentum and macro funds.

Ole Hansen is the Head of Commodity Strategy at Saxo Bank

Social Streams

Comments

comments

Facebook Comments

Post a comment