Opec said that they were cutting 4 million barrels... from September. Basically they say it based on September instead of october/november production, which includes the 2 million they already cut.
Steve liesman said something that was interesting, He said that using the previous production quantities, the ones back 2 months, was what they did when oil went to $10. They just say it for Shock value.
History tells us that OPEC's statements about production have no correlation to actual production in forward months. None.
ReplyDeleteI guess there is some entertainment value in seeing the de rigeur arrogance from sheiks who by some mistake of geography were born on the top of a forest of fossilized carbon. Fun.