Against All Odds

01 Dec 2016: On September 28, OPEC announced that they planned to reduce output to stabilize the oil markets.  They were targeting a production range of between 32.5 and 33.0 million barrels per day (mb/d).  Many people doubted that an actual deal would be reached, but yesterday OPEC confounded the skeptics and a new production deal was announced.  The impact of the deal on the oil markets was immediate: Oil prices started to increase as soon as the OPEC meeting in Vienna started and prices for benchmark Brent ended the day up $4.09 or 8.8% at $50.47.  The effect of the OPEC cuts on the tanker market is less immediate, but could be profound. Please fill out the form to read full article