Posted on 11/30/2016 6:59:28 AM PST by bananaman22
Defying all odds, OPEC provisionally reached the much-hyped agreement to cut output in a bid to boost oil prices. According to an OPEC delegate quoted by Bloomberg News, the ministerial meeting in Vienna has just reached a deal to cut output by 1.2 million barrels per day to 32.5 million barrels per day.
But there’s a catch. According to a ZeroHedge tweet, it looks like the OPEC deal would be conditional on a subsequent deal with non-OPEC producers in December to agree on a 600,000-bpd cut. If this is indeed the case, the oil production cut saga and drama will continue to drag on.
And then there’s the fact that no details have been released as of yet. So the question is, how is this provisional agreement to cut production 1.2 million barrels any different than the provisional agreement to agree—from what was already decided two months ago in Algiers? We’re not sure we can answer that.
(Excerpt) Read more at oilprice.com ...
Up 3 points already. OPEC must be mad about the election.
Fire up domestic production.
Good. We WANT then to drive up the price to made domestic production cost effective. Short term pain for long term gain.
The deal is that the Saudi’s agreed with themselves to pump less. Nobody else is lowering the amount of oil they are pumping. I assume that the Saudi’s need to retool some wells or pipelines. So they are announcing it as a cut.
If we only had some common sense in government we could drill public land and pay off the obabmdebt.
Obama tears up drilling permits and then OPEC does this , who’s Obama working for
The House of Saud periodically makes small adjustments in their personal spending. They can then afford pretty significant revenue cuts from lowered production.
But later, a couple of new Rolls and maybe a G-3 is needed for a niece or nephew and production is restored to previous levels.
Maybe that ISIS budget could get cut.
Venezuela can’t afford a cut
The cheating on the deal has probably already started.
This is nothing less than a veiled attack on the Trump presidency and the American economy.
Barak Hussain Obutthole, their fellow jihadi, is out so you can now expect higher oil prices.
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