OPEC has succeeded. On Thursday, the OPEC++ group agreed, in
principle, to cut 10 million bpd in oil production, according to media.
But will it be enough? Today’s oil prices suggest not.
As oil
inventories burst at the seams and threaten oil prices the world over,
the oil markets have been riveted by the Organization of Petroleum
Exporting Countries’ (OPEC) actions as it relates to potential
production cuts. While many analysts doubted that the group, and various
other states who agreed to sit down with OPEC to hash out a new market
stabilization plan, would cut as much production as would be necessary
to draw down inventories, the group’s actions have never been more
crucial to the survival of the entire oil industry.
https://oilprice.com/Energy/Oil-Prices/Global-Oil-Producers-Agree-On-Joint-10-Million-Bpd-Output-Cut.html
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