OPEC recovering its penny
Oil prices rebounded on Thursday than expected after Saudi Arabia declared its support for a 1m-barrel-a- day cut in actual output by the Organization of the Petroleum Exporting Countries at the cartel’s meeting in Qatar. Saudi Arabia’s declaration on production cut made the markets clear in its policy. Saudi Arabia is unclear for the past two weeks about production cut but it’s encouraged the OPEC members to cut the production.
Saudi Arabian oil minister has announced that they are trying to balance the disequilibrium between the supply and demand. Abu Dhabi and Venezuela have joined with OPEC to cut production on Wednesday. This decision has lead to decline in the US crude and oil product inventories.
The Saudi Arabian oil minister signaled the markets that there may be further cut in production in December. All these changes seems like there is further scarcity in the markets. The oil price may touch $64 per barrel by next week. OPEC is probably moving on the right path to protect the markets with the support of the other members. There are interesting price changes ahead to entertain oil investors.
Saudi Arabian oil minister has announced that they are trying to balance the disequilibrium between the supply and demand. Abu Dhabi and Venezuela have joined with OPEC to cut production on Wednesday. This decision has lead to decline in the US crude and oil product inventories.
The Saudi Arabian oil minister signaled the markets that there may be further cut in production in December. All these changes seems like there is further scarcity in the markets. The oil price may touch $64 per barrel by next week. OPEC is probably moving on the right path to protect the markets with the support of the other members. There are interesting price changes ahead to entertain oil investors.
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