Replies to post #13680 on The Rising Influence of Rising Affluence

[DewDiligence]

Brent $51.36/WTI $49.92 on OPEC agreement:

http://www.wsj.com/articles/opec-reaches-deal-to-cut-oil-production-1480518187

Delegates from the Organization of the Petroleum Exporting Countries agreed to cut production by 1.2 million barrels a day to 32.5 million…representing about 1% of global production.

… Under the deal, Iran will be allowed to raise production to 3.9 million barrels a day, Mr. Zanganeh said, as the country claws back the market share it lost during years of Western sanctions. Iran has told fellow OPEC members it would be willing to restrict its production in early 2017. Saudi Arabia will cut production to 486,000 barrels a day, while Iraq, which had expressed reluctance to sacrifice market share, will reduce output by 210,000 barrels a day.

[DewDiligence]

Stating the obvious re OPEC’s production deal:

http://www.wsj.com/articles/opec-production-deal-still-faces-hurdles-1481029624

If agreeing on a deal to cut production was the first step, adhering to it might be a bigger hurdle for OPEC, analysts say. Most member states have a history of overshooting their individual targets, so compliance will be key, analysts say.

No kidding.