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WSJ: Saudis consider stealth cut to OPEC production

Published 11/23/2018, 01:10 PM
© Reuters.  WSJ: Saudis consider stealth cut to OPEC production
SCO
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UCO
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DTO
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SZOXF
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BNO
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OIL
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DBO
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USL
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USO
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DWT
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UWT
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OLO_old
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WTID_old
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WTIU_old
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OILX
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OILK
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USOD
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  • Saudi Arabia and OPEC are nearing a production cut that doesn't look like a production cut, a compromise that would allow it to please the U.S. without overt cuts to targets, The Wall Street Journal reports.
  • It would accomplish that with OPEC saying it would retain the current production targets that it set in 2016. That implies a cut considering Saudi Arabia's overproducing by about 1M barrels per day.
  • That follows criticism from President Trump about OPEC driving prices higher. Such a "cut" would also avoid confrontation with Russia, which has no appetite for a new cut, according to the report.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI
  • Now read: How Oil Sector Bulls Could Survive The Coming Oil Price Crash


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