1 Dec, 2016
Much to our surprise, OPEC has managed to reach agreement on cutting its production from 33.8 million barrels of oil per day (m b/d) to 32.6m b/d. Saudi Arabia will bear the lion’s share of the cuts – 0.5m b/d of the total 1.2m b/d. Kuwait, Qatar and the United Arab Emirates, all of which have large production and small populations, will cut by 0.3m b/d collectively. Iran has agreed to freeze its production at current levels. In addition, Russia and other non-OPEC producers have agreed to cut their production by an additional 0.6m b/d… [read more]