RE:RE:RE:Wording changed now to a production "Ceiling"?HouseOfSaud wrote: rayjd93 wrote: 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.
OIL still rising. it likes this.
ok, why not. look at the loonie go.
It is a sign that OPEC is no longer a fractured, every man for himself, organization. So, it's possible other agreements can be made any time in the future. A fractured OPEC that couldn't even agree on a production ceiling created a lot of instability in the market and made a great opening for shorts to go all in. Until now the bears were always selling that any agreement no matter what was impossible now and OPEC was dead.