Posted on 06/22/2018 7:19:14 AM PDT by GonzoII
OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group, which has been capping output in order to balance the market and boost prices for the last 18 months.
The agreement came after a week of tense negotiation at OPEC's headquarters in Vienna, Austria. Top OPEC producer Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran, Iraq and Venezuela to support an output hike.
In the end producers agreed to start pumping more so that they are no longer overshooting the target they set in November 2016. Then, the group agreed to keep 1.2 million barrels per day (bpd) off the market, but on Friday OPEC said they were cutting output well beyond that level.
(Excerpt) Read more at cnbc.com ...
IOW, they will now officially pump the same amount, they just moved the goal post..............
my FRO stock is loving it !!!
I have been waiting for President Trump to get gas prices...hmmmmm
and my FRAK
Trump tells them to increase output and they do, Obama bows and tells America this is the new normal.
So, is output to the market increasing or decreasing?
Who’s getting cut, if anybody?
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