Reuters: OPEC, non-OPEC agree first global oil pact since 2001
OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries.
With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to play ball, the market's focus will now switch to compliance with the agreement.
OPEC has a long history of cheating on output quotas. The fact that Nigeria and Libya were exempt from the deal due to production-denting civil strife will further pressure OPEC leader Saudi Arabia to shoulder the bulk of supply reductions.
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WNU Editor: OPEC and Non-OPEC oil producing countries are hoping that these production cuts will mean higher prices .... but amid all the talk and agreement on producton cuts, the reality on the ground is different .... Saudi hits new oil output record in November amid OPEC cut talk (Reuters). Here is another reason on why these production cuts may mean nothing in the end .... Texas leads biggest rig count jump since April 2014 (Fuel Fix).
More News On Non-OPEC Countries Joining OPEC To Push For Lower Oil Production Cuts
Saudis Signal Deeper Cuts After Deal With Non-OPEC Countries -- Bloomberg
Russia and Others Join OPEC in Rare, Coordinated Push to Cut Oil Output -- New York Times
Non-Opec countries agree to cut oil output -- BBC
Non-Opec countries agree to cut oil output to ease glut -- The Guardian
OPEC Persuades 11 Non-members to Cut Oil Production -- VOA
Non-OPEC countries agree to cut oil production by 558,000 barrels per day -- RT
Non-Opec members agree to cut oil production to ease supply glut -- International Business Times
‘If Russia & Saudi Arabia lead, rest will follow’: Saudi energy minister on historic oil deal -- RT
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