03.10.2016 - OPEC’s roll of the dice
The agreement reached at the extraordinary meeting of the Organisation of the Petroleum Exporting Countries, in Algiers, to trim the cartel’s collective output by about 700,000 barrels a day, in an effort to balance supply and demand in the global oil market, caught markets by surprise. It was well-acknowledged that the group needed to take decisive action to staunch the two-year-long slide in global crude prices, that saw Brent prices more than halve from about $103 a barrel in end-August 2014 to $45.45 a barrel on September 1 this year............................................Full Article: Source
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