OPEC oil 'deal' - responses continue to come in

Author: Eamonn Sheridan | Category: News

Bloomberg and the Financial Times have pieces up on the OPEC oil output production deal

The pieces are measured, the choice of words careful. To be read with care
Bolding mine for emphasis
From FT:
  • Some of the world's biggest oil producers have agreed on the need to cut production for the first time in eight years
  •  reached a consensus that output cuts are needed
  • The size of the cut or how the reduction will be achieved is not yet clear
FT article is here, the FT is often gated

  • OPEC agreed to the outline of a deal that will cut production for the first time in eight years
  • The agreement was possible because Iran will be exempt from capping production, a major concession by Saudi Arabia
  • Still, many of the details remain to be worked out and the group won't decide on targets for each country until its next meeting at the end of November
Responses from analysts continue to come in also, this via the Bloomberg piece:
  • "The cut is clearly bullish," said Mike Wittner, head of oil-market research at Societe Generale SA in New York. "What's much more important is that the Saudis appear to be returning to a period of market management."
My earlier posts on the announcement from OPEC:

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