RE:Wording changed now to a production "Ceiling"?rayjd93 wrote:
https://www.reuters.com/article/oil-meeting-iran-idUSD5N0X6020
appears that the sales pitch to Iran is that cuts would be made by others to accomidate Iran getting close to their old OPEC quota. That was really the only way they could have hoped to get an agreement. Good work by the other nations to compromise.
I likely misinterpreted this. Could just be that Iran is allowed to increase X amount before they freeze with everyone else. So, all involved producers will only increase production the amount that Iran does from now on. It's still up to everyone else to cut to balance the market. All eyes on API/EIA.