As we know, an OPEC oil production cut has been agreed to (not quite yet, read more on the bit of a summary I did here)
As part of the deal, OPEC has set up a committee to decide who will cut and by how much.
OK, its not a bad idea to keep an eye on the calendar... pretty basic stuff, but here it is ...
- Today is September 29 (I'm in the future here in Australia)
- The committee will report in November
- OPEC says they'll agree to cut allocations at their meeting in November.
- That meeting is on November 30.
I don't know what happens between now and November 30 but the history of the cartel would suggest that it will be pedal to the metal for production for the next 2 months.
Yes, its 2 months until the allocation agreement (if its reached) and thus deal, comes into effect.
Oh, also, the cartel want to agree cuts with non-OPEC members. They say they'll deal with the non-members after the November 30 meeting, once OPEC allocations have been agreed.
Over to the good people of FXL for your ideas and comments on this deal.
