Saudi Arabia, Iran, Iraq and non-member Russia are producing at, or close to, maximum capacity, Khelil said in a Bloomberg Television interview. Khelil steered OPEC in 2008, the last time it implemented an output cut, which was announced in Algeria in December of that year.
Oil-market news:
U.S. crude output rose by 152,000 barrels a day, in part because of an adjustment to address disparities between weekly and monthly data, according to the EIA’s website.
whatever happened to "hundreds of tankers waiting to unload at ports"
carlinhos1988
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Floating around somewhere ...
jojotrader
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They all Sunk
DenverNugt
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thank you for a chart oil go under 20 $ OPEC and bank playing a big game we can retrace its fine whit my : )
YellenAtForex
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Idk about $20
YellenAtForex
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$35 is in range IMO
YellenAtForex
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OPEC first set production targets in 1982. Since then, there have been 117 ministerial conferences or meetings of the ministerial monitoring committee, and agreement to change output on 52 occasions ("Annual Statistical Bulletin", OPEC, 2016).
Considering the entire 1982-2016 period, the base rate probability that OPEC ministers will agree to change output is almost 50 percent (tmsnrt.rs/2bjX4NB).
In the first three decades (1982-1991, 1992-2001 and 2002-2011) the probability that a meeting would end with an agreement to change output was almost exactly 50 percent.
But recently agreements to change output have become much rarer. OPEC ministers have met nine times since the start of 2012 and none of those meetings has resulted in an agreement to change output.
So considering only the most recent period, the base rate probability of an output change is far lower, and closer to zero.
carlinhos1988
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Whata laugh! Speculation, speculation bla bla bla ... in the end the extraction never stops, who wants to lose money?