OPEC agreed to a production cut. This is huge. This is game changing. This is probably not going to happen. What they did was an amazing head fake. They announced that they would cut production, but said they would not announce any details until the next meeting in November. What an amazing con. No one expected any production caps to be enacted, so then they go and surprise everyone with the announcement. No one looks at more than the surface of the announcement, and the price of oil spikes. All the OPEC countries make a few extra millions, and no one is the wiser. And the status quo gets to be maintained for a few more months. And once November rolls around the bickering can begin anew, the Sauds and Iranians can blame each other and this “deal” can fall apart.
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