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- OPEC reaches deal to limit oil production. Oil surge, USD/CAD down 225 pips from yesterdays highs
OPEC reaches deal to limit oil production. Oil surge, USD/CAD down 225 pips from yesterdays highs
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OPEC says it will limit output to 32.5 to 33 mln bpd (this compares to the most recent known group production at 33.24 mln bpd)
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So, that's a reduction of about 700K barrels per day 9depending on where in the range the cut comse to)
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Now OPEC will try to reach an agreement with non-OPEC producers
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A committee has been set up to choose how the cut will be allocated between members
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The committee will report in November
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