As was leaked earlier today by Reuters, which reported that OPEC could announce an output-freeze deal on Wednesday in Algeria, although full details are unlikely to be firmed up before a formal meeting of the Organization of the Petroleum Exporting Countries in November, moments ago Reuters blasted that this is precisely what OPEC has decided at its Algiers meeting, when it announced that a deal to limit oil production has been reached, however the execution won’t take place for another two months.
- OPEC REACHES DEAL TO LIMIT OIL PRODUCTION, EXECUTION IN NOV – OPEC SOURCE
Oil, as expected on this latest attempt to spark a headline driven buying frenzy, has surged on the news, and was up 4% at last check, some $1.75 higher, trading at $46.40 even though it remains unclear just how – if at all – a “supply freeze” takes place when practically all members who are not producing at capacity such as Iran and Nigeria will be granted an exemption.
The post Oil Spikes After OPEC Announces It Has “Reached A Deal To Limit Oil Production”; Execution To Take Place In November appeared first on crude-oil.top.