OPEC will cut production 4.2 mln barrels per day from Sptember production levels from January 1. It is unclear whether the 2 mln barrler per day cut that has been talked about all week was from September levels. We may be comparing apples and oranges. Oil is only up a dime at the moment at$43.70.
Clarification: Nice job by the wires in butchering the headline. The new cut is 2.2 mln barrel per day versus 2 mln that had been expected. That is in addition to an earlier 2 mln cut in September. Oil is lower on the day, now at $43.05.
