OPEC meeting – wrap-up and thoughts

In an historic day for the oil market, the OPEC members met in Vienna in a closed door session and reached an agreement on 1.2 Mbpd of production cuts.  Combined with a non-OPEC pledge to cut 600kbpd (including 300 kbpd from Russia), we will begin to see inventories slowly diminish.

Yet the language leading up to today was pessimistic.  The Saudi energy minister Continue reading OPEC meeting Рwrap-up and thoughts