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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