OPEC committee to report in November. Heads up, OPEC Nov. meeting is on the 30th
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.