Wednesday, November 30, 2016

OPEC Reaches A Deal On Oil Production

Wall Street Journal: OPEC Reaches Deal to Cut Oil Production

Cartel representatives agree to cut output by 1.2 million barrels a day

VIENNA—OPEC representatives reached a landmark deal Wednesday to reduce crude oil output, giving oil an immediate price boost after months of wrangling between OPEC members and market uncertainty about the ability of the once-mighty cartel to agree.

Almost exactly two years after the Organization of the Petroleum Exporting Countries group made a historic decision to avoid cutting output and allow prices to fall, the group said Wednesday that it agreed to cut production by 1.2 million barrels a day from the current 33.6 million barrels. It also said it expects producers from outside the cartel to join with additional cuts totaling 600,000 barrels a day.

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More News On OPEC Reaching A Deal On Oil Production

Opec countries agree first oil output cut in eight years -- BBC
OPEC Agrees To First Cut In Oil Production Since 2008 -- NPR
OPEC in first joint oil cut with Russia since 2001, Saudis take "big hit" -- Reuters
OPEC Agrees to Cut Production in Drive to End Record Glut -- Bloomberg
OPEC agrees to oil production cuts -- USA Today
Oil jumps over 10 percent as OPEC finalizes output cut deal -- Reuters
Oil price surges as Opec agrees first cut in output since 2008 -- The Guardian
The OPEC Deal: Here Are The Details -- Nick Cunningham, Oil Price
OPEC Starts Counting the Days -- Liam Denning, Bloomberg
What the OPEC Production Cut Will Really Mean for Oil Prices -- Geoffrey Smith, Fortune
Why Saudi Arabia surprised the skeptics with an OPEC deal -- Patti Domm, CNBC

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