ASSESSMENTS
For OPEC, a Production Cut Aims to Head off Further Price Drops
Sep 30, 2016 | 09:01 GMT
(RYAD KRAMDI/AFP/Getty Images)
Forecast Bullets
- OPEC's production deal is designed to ensure that crude oil prices do not fall further, not necessarily to push them up significantly.
- OPEC members must now try to put aside their differences and hammer out the details of how to implement the deal.
- Even if it survives negotiations and is approved, the deal will not have a huge effect on the direction of the oil markets. Oil price recovery will continue, albeit fitfully, and OPEC can do little to accelerate the process.
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