OPEC
 

So, they've apparently agreed to cut production....not by much and it's not finalised until the November meeting but must assume it's really hurting KSA at the moment.

Re: OPEC
 

IF it happens it's only a cut of between 250,000 and 750,000 a day and Iran, Libya and Nigeria are exempt and will take up the slack.

Russia is increasing by about 2.5% a month (250,000)

So all in all production will keep going up but Saudi, UAE, Qatar will lose market share.

Can't see them putting pen to paper on that one.

Re: OPEC
 

Have Iran hit their output target yet? I know they wanted to be back to pre-sanction levels and assume the Saudi's driving the price down is to hurt them as much as possible...?

Re: OPEC
 

They are at about 2 million a day. Depends who you believe but they say if Russia keeps supplying them the infra and parts they need and China keeps buying then they could get up to 4 million a day fairly quickly.

That makes the OPEC cut look irrelevant, and none of it traded in USD which is mostly what this is all about

Re: OPEC
 

Interesting.

It feels like a positive step but as you've suggested, a bit more smoke and mirrors to cover any real changes. Lots of different agendas.

Re: OPEC
 

Nigeria is struggling to export any oil. Only just come back on flow.
Separatists in the delta keep attacking the pipelines. Comparatively peaceful at the moment but doubt that will last.