Crude rallies in Q4 2019 amidst OPEC cuts

This has been a volatile trading year for both crude oil and broader equity markets as tariffs, trade wars, and slowing of world economies have all boosted economic uncertainty.

In November, OPEC oil production dropped by 193,000 bpd (barrels per day) from the previous month as major producing members met to discuss further cuts to support prices.

November results offset a recovery in October after the resumption of normal production levels following Saudi Arabia’s Aramco oil refinery drone attack. Saudi Arabia accounted for the single largest drop of daily output among OPEC+ members on a decline of 151,00 bpd even as the country tries to force compliance of all members to curb production.

Crude oil, 200-day moving average


Source: DTN
Posted by: Information Services
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By |December 16, 2019|Categories: Energy|Tags: , , |0 Comments

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