Bloomberg, watching an uptick in the price of oil over the past several days, says we could continue to see, even with minimal compliance, the dollar signs move up, with oil gaining to $60/barrel by the end of the first quarter of 2017.
Everyone is wanting to control everyone else in the global energy market. It’s looking like the compliance of cutting oil production in OPEC and non-OPEC countries will continue to affect the oil market for the betterment of all. This article, published by Mark Shenk and Ryan Sachetta in Bloomberg yesterday, December 11, 2016, highlights non-OPEC countries joining OPEC in the first global oil cut in 15 years.
Below is the text from the full Bloomberg article.