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OPEC agrees to cut output by 1.2 million barrels a day

Wednesday, November 30, 2016 8:34
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(Before It's News)

Morgan Stanley said Monday that an OPEC agreement could boost crude prices by $5 or more. While the deal is unlikely to be enough to wipe out the crude glut entirely — OPEC’s own estimates show it needs to pump just 31.9 million barrels a day from January to June to balance supply and demand — it clears the way for participation by non-OPEC suppliers, chiefly Russia.

Russia, the biggest producer outside the bloc, has said if OPEC agrees on individual country quotas it’s ready to participate, including possibly reducing its output, a person familiar with Russian thinking said earlier. That would mark a reversal of its previous position …. https://www.bloomberg.com

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