Extension global cuts of oil during 2018!

[Pavel + 384]

Two days before the Vienna meeting members of OPEC and non-member Russia, by the Reuters, reached an agreement?!

https://www.reuters.com/article/us-opec-meeting/opec-committee-backs-cut-extension-until-end-2018-with-june-review-idUSKBN1DS14Z?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social  

[Rodent + 1,424]

We'll see. Some proverb about chickens and counting and hatching leaps to mind. 

[Rodent + 1,424]

Although for the record I'd just like to say that I'm binge eating until a decision is made.

[Petar + 76]

OPEC +Russia + Non OPEC members - short history of the cut production deal

February 2016 price of oil fell to a low of $27 per barrel 
- September 2016 - agreed to the framework for a deal to cut production 
- January 2017 - The cuts officially began 
- May 2017 - extend the production cuts until March 2018
- November 2017 -  price of the US benchmark oil higher $58.95 per barrel 

What do you think how much will barrel cost in December 2017 after the meeting? How much will this retention of reduction reflect on oil price increase? 

[TomTom + 183]

 I think the upside for oil is limited - markets have already priced in the extension - oil will hang around $60..

[Pavel + 384]

as we expected:

https://www.reuters.com/article/us-opec-meeting/opec-allies-set-to-agree-oil-cut-extension-to-end-of-2018-idUSKBN1DU0WW?utm_campaign=trueAnthem:+Trending+Content&utm_content=5a1fcd4204d3010418476fb2&utm_medium=trueAnthem&utm_source=twitter

Some experts already told agencies that we could expect rise with $70 per barrel for Brent, if there is an unexpected interruption in supply

[Petar + 76]

Yeah. Question for million dolars:  Will it be tall spin for bulls or head spin for bears in oil today?

[Meanwhile + 49]

Petar, will you elaborate on that please?

[Rodent + 1,424]

Russia is still wildcard. Meeting still ongoing. So there is still a chance markets will be upset if Russia and NOPEC fail to jump on board the OPEC train. Prices are up a bit after OPEC said they had agreed, but nothing significant so far. I would certainly expect a rather uneventful oil price day, as TomTom said above, this is what the market has expected, and as such, already priced in.

 

[Petar + 76]

Dear Meanhvile:)  Usually on the Balkan we sometimes use quotes that many don't understand. The essence of my previous thesis can be related on OPEC which not only today, but long time in the past is effecting our everyday life, stock trade, transport and prices of products. OPEC has a black gold in its hands, and oil price could grow very fast. As I already said , only the sky is the limit if it continues like this.