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Is OPEC’s plan to cut oil production too late?

Posted on 04 October 2016

OPEC’s move to cut output might be too late. After pumping full tilt for the past two years, the Organisation of the Petroleum Exporting Countries is weighing a plan to reduce production by up to 700,000 barrels a day later this year. But many analysts say the proposed reduction isn’t big enough, nor will it happen quickly enough, to address a global supply glut that has kept oil prices low.
Going into this year, many forecasters projected that supply and demand for crude would return to balance by the end of 2016. But even after OPEC’s agreement, most now don’t see a rebalancing until the middle of next year, or even later………………………………………Full Article: Source


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