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

  • Goldman Sachs and CIBC responses here
  • FT and Bloomberg here

More now.


  • Implementation date of output cuts, the duration of the cuts, and how cuts will be allocated between members remains unclear


  • 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


My earlier posts:

  • OPEC production cut "deal" - what we know so far
  • OPEC committee to report in November. Heads up, OPEC Nov. meeting is on the 30th
  • The key takeaway from the OPEC 'deal'


Meanwhile, WTI price has maintained its gains: