{"id":40486,"date":"2018-11-14T06:37:36","date_gmt":"2018-11-14T11:37:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40486"},"modified":"2018-11-14T06:37:36","modified_gmt":"2018-11-14T11:37:36","slug":"oil-rallies-on-report-opec-will-do-whatever-it-takes-may-cut-by-1-4mm-barrels","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40486","title":{"rendered":"Oil Rallies On Report OPEC+ Will Do &#8220;Whatever It Takes&#8221;, May Cut By 1.4MM Barrels"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-11-14\/oil-rallies-report-opec-will-do-whatever-it-takes-may-cut-14mm-barrels\"><span class=\"field field--name-title field--type-string field--label-hidden\">Oil Rallies On Report OPEC+ Will Do &#8220;Whatever It Takes&#8221;, May Cut By 1.4MM Barrels<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1076\" data-gtm-vis-first-on-screen-2077925_22=\"1076\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"submission-wrapper\"><\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>One day after Saudi Arabia revealed <a href=\"https:\/\/www.zerohedge.com\/news\/2018-11-13\/crude-crashes-saudi-abandons-opec-production-curbs\">that it had not complied with its production quota<\/a> in October for the first time since OPEC&#8217;s November 2016 meeting in Vienna, <a href=\"https:\/\/www.reuters.com\/article\/us-oil-opec\/opec-partners-discuss-oil-supply-cut-of-up-to-1-4-million-bpd-sources-idUSKCN1NJ15W\">Reuters<\/a> sent oil prices into the green with a report that <strong>OPEC and its partners were discussing a proposal to cut oil output by up to 1.4 million barrels per day in 2019 to avoid a surplus that could tank prices.<\/strong><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.11.14opec.JPG?itok=dpcKzUqH\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018.11.14opec.JPG?itok=dpcKzUqH\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.11.14opec.JPG\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018.11.14opec.JPG?itok=dpcKzUqH 1x\" alt=\"Opec\" width=\"500\" height=\"305\" data-entity-type=\"file\" data-entity-uuid=\"0d0fded1-6839-48ad-ad20-f9ec7974a09a\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>Unnerved by oil&#8217;s record 12-day losing streak, OPEC and OPEC+ are again talking about cutting production just months after Saudi Arabia and Russia agreed to pump more. The group is set to meet on Dec. 6 to agree on its policy for 2019.<\/p>\n<p><strong>West Texas Intermediate futures rose as much as 1.4% to $56.49\/bbl on New York Mercantile Exchange, erasing an earlier 1% decline and briefly sending prices into the green &#8211; though the rally soon faded and prices slumped back into the red.<\/strong> If oil settles higher on the day, it would break what has been a record losing streak for oil prices.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.11.14opectwo.png?itok=EWo0UtEH\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018.11.14opectwo.png?itok=EWo0UtEH\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.11.14opectwo.png\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018.11.14opectwo.png?itok=EWo0UtEH 1x\" alt=\"OPEC\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"040115c0-a09b-402a-b649-7d52ec0e2125\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>Still, the gains didn&#8217;t hold, as the report noted that least one OPEC member (Iran) still needed to be convinced to support the plan.<\/p>\n<blockquote><p>A supply cut of up to 1.4 million bpd was one of the options discussed by energy ministers from Saudi Arabia, non-OPEC Russia and other nations at a meeting in Abu Dhabi on Sunday, the sources said.<\/p>\n<p><strong>&#8220;I believe a cut of 1.4 million bpd is more reasonable than above it or below it,&#8221;<\/strong> one of the sources, who declined to be identified by name as the talks are confidential, said.<\/p>\n<p>OPEC member Iran, as well as Russia, would need to be brought on board for the new plan, the sources added. One source said Iran does not want to have a production target in a new agreement as it is facing lower exports due to U.S. sanctions.<\/p><\/blockquote>\n<p>In comments that arrived after the report, OPEC chief Mohammed Barkindo revealed that he now believes the cartel is a central bank.<\/p>\n<blockquote><p><strong>*OPEC CHIEF: OPEC+ WILL DO &#8216;WHATEVER IT TAKES&#8217; FOR MARKET BALANCE<\/strong><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil Rallies On Report OPEC+ Will Do &#8220;Whatever It Takes&#8221;, May Cut By 1.4MM Barrels One day after Saudi Arabia revealed that it had not complied with its production quota in October for the first time since OPEC&#8217;s November 2016 meeting in Vienna, Reuters sent oil prices into the green with a report that OPEC [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[588,592,595,17834,17931,600,4318],"class_list":["post-40486","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-oil-price","tag-oil-production","tag-oil-production-cuts","tag-oil-surplus","tag-opec","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40486"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40486\/revisions"}],"predecessor-version":[{"id":40487,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40486\/revisions\/40487"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}