The Rising Influence of Rising Affluence

[DewDiligence]

OPEC near de facto production cut:

http://online.wsj.com/articles/opec-members-nearing-compromise-on-supply-cuts-1416937145

Saudi Arabia…is likely to side with calls for the group to adhere more closely to its self-imposed production ceiling at Thursday’s meeting of OPEC oil ministers, according to a Gulf official familiar with the Saudi position.

…OPEC agreed to limit its collective output to 30 million barrels of oil a day three years ago. But its actual production has regularly spilled over as each member has pushed to maintain their share of global oil markets. Closer compliance would imply a supply cut of around 300,000 barrels of oil a day compared with October levels…