OIL - More responses to the OPEC announcement

Author: Eamonn Sheridan | Category: News

OPEC agreed that they needed to agree, and they agreed to try to reach agreement by November 30

The agreement has elicited a number of responses
More now.

UBS:
  • Implementation date of output cuts, the duration of the cuts, and how cuts will be allocated between members remains unclear
Barclays
  • Say the agreement is significant
  • But OPEC is saying it will do what is planning to do anyway

Morgan Stanley:

  • Reduction in output does not address oversupply situation immediately
  • Might prompt market rebalancing in early 2017

Den Danske:

  • Output ceiling below the current level of production is likely to prove difficult to implement in practice

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My earlier posts:


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Meanwhile, WTI price has maintained its gains:





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