Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Saturday, December 3, 2016

The OPEC Deal: Here Are The Details

By Nick Cunningham for the Oilprice.com. – December 1
Oil prices surged more than 8 percent on Wednesday as OPEC shocked the world and reached an agreement to cut production. If OPEC members succeed in implementing the deal, set to take effect in January, it could erase the global surplus in an instant. “The sentiment generally is optimistic and positive,” Saudi Arabia’s Oil Minister Khalid al-Falih said before the final meeting on Wednesday. “Any production-restraint agreement has to be distributed in an equitable way. We are getting close.” Oil prices skyrocketed on his comments and on the news that a deal was within reach. Still, there was a lot of confusion right down to the last minute, with some news outlets reporting a deal had been reached while others said that the details had not actually been agreed to, just the broader outline. Iraq in particular was a question mark, with reports saying that Iraqi officials were still disputing the “secondary sources” data well into the afternoon on Wednesday, even as oil prices were posting huge gains. Negotiations dragged on through the day, with only snippets of details emerging from reporters in Vienna. Read on...http://www.theenergycollective.com/staffjam/2394216/the-opec-deal-here-are-the-details

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