FYI: Oil investors got a reprieve on Thursday from the punishing slump in crude, as OPEC and its partners agreed to slash production by a larger-than-expected 1.2 million barrels a day.
The decision, made at the Organization of the Petroleum Exporting Countries’ gathering in Vienna, had been delayed by Iran’s request to be exempted from any cutbacks. It was only after Russia, which is heavily dependent on oil, acceded to the request at the 11th hour that the group disclosed specifics of the planned reduction, 900,000 barrels of which will come from Saudi Arabia, with much of the rest coming from the Russians.
Regards,
Ted
https://www.barrons.com/articles/at-last-some-balm-for-oil-investors-1544224058?refsec=funds
