OPEC Agrees on Oil Output Cuts in Drive to End Record Glut

[AzCactus]

I thought this was worth sharing :

 

https://www.bloomberg.com/news/articles/2016-11-30/opec-said-to-agree-oil-production-cuts-as-saudis-soften-on-iran

 

 

[investor-man]

wheeeeeee!

[rb]

I think that the optimism may be a bit overdone. That's what? A little more than 1.2 M bbls per day? US and Canada can probably fill that in no time. And that's assuming that OPEC members won't cheat.

[Pelagic]

Here's the cuts by country

 

http://www.opec.org/opec_web/static_files_project/media/downloads/press_room/OPEC%20agreement.pdf

 

This agreement has been reached following extensive consultations and understanding reached with key non-OPEC countries, including the Russian Federation that they contribute by a reduction of 600 tb/d production.

 

So 1.2 mmbbl/d from OPEC and another 600k from non-OPEC cooperating countries, presumably most of that from Russia.

 

Won't hold my breath that they stick to it but for now it's bullish.