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This R&D provides resources on the Organization of Petroleum Exporting Countries (OPEC) planned production cuts. After spending more than a year trying to keep prices low in an effort to hurt Western oil production, the oil cartel appears to be jettisoning that agenda and is moving to reduce production by 700,000 barrels a day. The planned move caused U.S. crude oil prices to increase by 8%, although some analysts think that OPEC needs a larger production cut in order to generate more revenue for member states. OPEC members such as Saudi Arabia and Venezuela have been devastated by low oil prices, which have strained government budgets.
Oil price and stock markets rise as Opec cuts crude output https://t.co/J9sMnkH5db
— Oil & Gas News, Jobs (@OilandGasTweet) September 30, 2016
Skepticism over OPEC deal cuts oil rally short https://t.co/6ryxvrd1jZ
— Nikkei Asian Review (@NAR) September 30, 2016
Too little, too late for OPEC output cuts? “U.S. drillers have taken away some of OPEC’s power.” https://t.co/wAh1bVOhwe via @nicolefriedman
— Ryan Dezember (@RyanDezember) October 3, 2016
PDVSA Plans to Boost Oil Output Even as Venezuela Calls for OPEC and non-OPEC Cuts https://t.co/txiGrkbxOk via @markets
— Nathan Crooks (@nmcrooks) October 5, 2016
With OPEC cuts and a major hurricane now in the picture, gas prices are looking at a bumpy road. #HurricaneMatthew https://t.co/qfJqSjepme
— FOX Business (@FoxBusiness) October 4, 2016
What OPEC “Production Cut”: Iran, Libya To Boost Production, MS Warns Of Hedging, JPM Cuts Oil Price Target https://t.co/M2f3N4eE7Q
— zerohedge (@zerohedge) October 3, 2016
Is Saudi serious about #OPEC cuts? I had doubts, then I read this piece by @summer_said & @benoitfaucon. https://t.co/LBJKAMpdRa
— Russell Gold (@russellgold) September 30, 2016
Expect a shock at the pump as OPEC cuts oil output https://t.co/n4zQfaFPIf
— Elizabeth Wilfert (@wilferte) September 30, 2016
BBC News – Oil prices ease on doubts about Opec production cuts https://t.co/OF9C4F19NI
— Safewell (@safewell) September 30, 2016
#Energy: Oil rallies on prelim Nov #OPEC prod cut; profit taking cuts gains. https://t.co/ciCNF1nv1t
— Hyper Observer (@HyperObserver) September 30, 2016
(FrancisFukuyama) Russia Wants No Part of OPEC’s Cuts: Venezuela wants Russia to reduce production. The Kreml… https://t.co/zqWucBmU3U
— ConservaWonk (@ConservaWonk) September 30, 2016