UPDATE 1
OPEC has reached an understanding at a meeting in Algiers to cut crude-oil-production cut but they will wait until November to set the exact level of cuts.
UPDATE 2
According to The Wall Street Journal, a consensus was reached after a 4 1/2 hour meeting. OPEC, the 14-nation cartel that controls over a third of world oil output, has been producing at record levels.
A person familiar with the matter said the cartel was considering cutting production to between 32.5 million barrels a day and 33 million barrels a day—down from August levels of 33.2 million barrels a day.
Exactly how the production cuts would be achieved is unclear. The person said a committee would be formed to study how to carry out the cuts and then report to the cartel at its next meeting on Nov. 30 in Vienna.
UPDATE 3
“Today, an exceptional decision was made at OPEC,” Iran’s oil minister, Bijan Zanganeh, told reporters after the meeting, according to Iranian state media service Shana.
UPDATE 4
Oil climbed more than 4.5% after the news.
Sep 28 - 1:16PM
ReplyDeleteCongress overrides Obama's veto on the bill that allows victims of 9/11 to sue Saudi Arabia.
Sep 28 - 2:10PM
After reports that a deal was "elusive" at a meeting in Algiers, OPEC agrees to cut oil production for the first time since 2008. Crude oil prices jump from $40 to $48/barrel.
Coincidence?