Will OPEC Deliver Its Output Cut Deal? Here’s How We’ll Know
Unlike in the U.S., where output is published weekly, members of the Organization of Petroleum Exporting Countries can take months to disclose their production. Beyond that, their data can be at odds with independent surveys, and countries have been known to cheat on such deals. With a rising U.S. rig count offering a bearish undertone, each new hint on the accord’s implementation can be expected to swing prices. Brent crude, the global benchmark, has surged 24 percent since Nov. 29, the day before the deal was sealed among OPEC’s members. The grade was trading at $57.36 a barrel at 11:01 a.m. in London. Future price increases for crude will depend on a wide variety of signposts. click Read More below for more of the story