OPEC Agrees to a 1.2 MMBOPD Cut “We have made great success today” – OPEC announces first cut since 2008 “We have made great success today. We reviewed all scenarios… [and] we have been able to reach an agreement,” Qatar energy minister and president of the OPEC Conference, Mohammed Bin Saleh Al-Sada said in the introduction to a press conference announcing a production
OPEC deal to cut 1.2 MMBOPD could return market to balance in the first half of 2017 Crude oil prices surged Wednesday following news from OPEC that the group agreed to cut 1.2 MMBOPD of production after two years of producing near capacity in a bid for market share. OPEC agreed to cap production at 32.5 MMBOPD, which, along with
OPEC’s annual report sees its oil reference point at $60 per barrel in 2020 The Organization for Petroleum Exporting Countries released its annual World Oil Outlook Tuesday, lowering its working assumption for oil prices moving through the end of the decade. OPEC sees its reference basket (ORB) price averaging $40 per barrel in 2016, and increasing $5 per year through
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