NOPEC’s (OPEC and Russia) future is being decided at present, and with a big bang, if production cuts are put in place in full again very soon. The current bearish mood in the market will disappear soon if NOPEC becomes pro-active again say analysts. WTI Crude is $56.53; Brent is $66.84 this morning.
OPEC and its allies, including Russia, signaled on Sunday that it could enact a joint production cut. The move would come months after the group decided to ramp up production after more than a year of holding back output. WTI Crude is $56.36; Brent is $66.32 this morning.
OPEC production rose by 127,000 barrels a day in October. Gains from the Saudis were supported by Russia’s 50,000 barrels-a-day increase last month, a post-Soviet record. Iran continued to decline, falling 156,000 barrels a day in October. WTI Crude is $58.76; Brent is $68.85 this morning.
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