Posts Tagged ‘Bill Newman’

OPEC News – Agrees To Cut Oil Production, As Do Russia, Azerbaijan

Wednesday, December 17th, 2008

This just in from Research Capital analyst, Bill Newman:

OPEC announced a 2.2 million bbl/d production cut which is the largest cut ever made by the group.

  • Non-OPEC members, Russia and Azerbaijan have also agreed to cut production by up to 300,000 bbl/d each.
  • Total combined cut of 2.6 million bbl/d.
  • The cuts are effective January 1, 2009
  • The key to short term oil prices is compliance to quotas.
  • 85% or above compliance should be supportive to crude prices.
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