Bogota Free Planet Comments
Can Oil Markets Survive An OPEC Implosion?
Posted by BFP Staff on Nov 3, 2016 at 12:48 PM
Getting all members on board for a production cut was always going to be an uphill battle.
By Nick Cunningham of Oilprice.com
A technical meeting that was supposed to iron out some wrinkles for a deal to cut oil production ended in acrimony over the weekend, and OPEC’s effort at coordination could be at yet another impasse.
Following the Algiers agreement at the end of September, a tentative deal that called for a collective reduction in oil output in the range of 200,000 to 700,000 barrels per day, OPEC scheduled a meeting on October 28-29 in Vienna to put some meat on the bones of the pact so that it could be officially sealed at the end of November.
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