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OPEC Cuts
Posted on 11/30/16 at 11:14 am
Posted on 11/30/16 at 11:14 am
LINK
quote:
OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut -- and prove the group’s credibility -- brought its first cuts in eight years. Crude rose as much as 8.8 percent in London. OPEC will reduce output to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna Wednesday. The breakthrough deal showed an apparent acceptance by Saudi Arabia that Iran, as a special case, can still raise production.
This post was edited on 11/30/16 at 11:15 am
4
Posted on 11/30/16 at 11:17 am to biggsc
They are making a mistake doing this.
Posted on 11/30/16 at 11:20 am to The Maj
Yep.
It's gonna cost them market share.
It's gonna cost them market share.
Posted on 11/30/16 at 11:22 am to biggsc
I really wish this would boost prices, but all it is going to do is destroy their market share even more.
Posted on 11/30/16 at 11:23 am to biggsc
Release the Permian shale kracken!
Posted on 11/30/16 at 11:28 am to biggsc
What affect will this have on the American O&G business?
Posted on 11/30/16 at 11:35 am to Hog on the Hill
Not an expert on the O&G but this should lead to an increase in price. Don't know if it will be enough to make an impact in domestic production.
Posted on 11/30/16 at 11:36 am to Hog on the Hill
Either increase in price or increase in market share for American crude. Either way should increase revenue and help stabilize producers.
Posted on 11/30/16 at 11:38 am to Pax Regis
quote:
Release the Permian shale kracken!
Only a matter of time
Posted on 11/30/16 at 11:40 am to VOLhalla
It should increase oil prices and help the US producers. But what I see in it is a carve out for Iran to still be able to increase their production which is a slap in the face to the US. But Obama will be happy.....
This post was edited on 11/30/16 at 11:42 am
Posted on 11/30/16 at 1:51 pm to CorporateTiger
Price up already.
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