Opec/non-Opec Agree… Reuters – Commodity Research Group

December 10, 2016 by Jim Colburn Leave a Comment

Now it’s on to compliance:

“Last week, OPEC agreed to slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd. Falih said on Saturday that Riyadh may cut even deeper.

On Saturday, producers from outside the 13-country group agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd but still the largest contribution by non-OPEC ever.

Of that, Russia will cut 300,000 bpd, Novak said. He added it would be gradual and by the end of March Russia would be producing 200,000 bpd less than its October 2016 level of 11.247 million bpd – Russia’s highest production estimate so far.”

http://www.reuters.com/article/us-opec-meeting-idUSKBN13Z0J8

I’m interested to see how the January $60 calls turn out… There is around 100,000 contracts open on this option, before the OPEC meeting in late November… They expire December 15th…

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