Analysis

Reaching a cut deal of 1.2 million barrel, Is it Sufficient?

An immediate 4% rise in price as the OPEC+ group finally agrees to curb production OPEC-non-OPEC meeting opening session, Dec 7th (@UCERGY Analysts) VIENNA –  OPEC and its cooperating allies, the OPEC+, have struck a deal to curb production by 1.2 million barrels, a reduction deal to be reviewed in April 2019. While OPEC countries would contribute by 800 thousand barrels reduction, the non-OPEC countries would reduce by 400 thousand barrels making a total of 1.2 million barrels cut, using the October total production as a baseline. Russia has agreed to the deal but there has been no confirmation of…

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