Opec's agreed 1.2 million barrels/day production cut supplemented by a 600000 b/d reduction by non-Opec producers has likely put a floor under the oil market potentially around $45/barrel but if $70/b is the target the market may well have to wait a long time. Many questions remain such as how well Opec members will indeed comply with the agreed cuts and how much of the non-Opec cut will really be removed from the market.
from Ole Hansen - Authored content https://www.tradingfloor.com/posts/wcu-economics-trump-politics-as-opec-cuts-supply-8286371?utm_medium=tf4-feed&utm_source=extract
WCU: Economics trump politics as Opec cuts supply
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