A Cut Oil Production ahead? Yes, says one big bank which (if correct) would give a boost to Andy Hall
After nearly two years of jawboning, OPEC has finally reached a deal to curb oil production by the cartel, which should help bring oil markets back to normality during the next few weeks.
The one wildcard in the agreement is Russia. If the non-OPEC member decides to comply with the OPEC agreement to limit production, oil output will fall and prices should rise. However, if President Putin decides that the country’s best course of action is to stay put and maintain production at current levels, then the entire agreement may fall apart.
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