The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: corbe on December 07, 2018, 06:37:03 pm
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OPEC agrees on larger-than-expected cut after marathon talks
Javier Blas, Elena Mazneva and Grant Smith
2 hrs ago
OPEC finally broke an impasse over production curbs, agreeing on a larger-than-expected cut with allies after two days of fractious negotiations in Vienna.
The cartel and its partners agreed to remove 1.2 million barrels a day from the market, with OPEC itself shouldering 800,000 barrels of the burden. Iran emerged as a winner from the contentious talks, saying it’s secured an exemption from cuts as it suffers the effects of U.S. sanctions.
Crude surged as much as 5.8 percent in London, raising the risk that the deal could anger U.S. President Donald Trump, who had urged the group to keep the taps open and prices low.
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http://www.msn.com/en-us/money/markets/opec-agrees-on-larger-than-expected-cut-after-marathon-talks/ar-BBQDewd?ocid=ientp (http://www.msn.com/en-us/money/markets/opec-agrees-on-larger-than-expected-cut-after-marathon-talks/ar-BBQDewd?ocid=ientp)
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If this cut is real, which is dubious, it guarantees one thing.
The oil market share of the USA Will expand dramatically.