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SZO - OPEC Delivers Bigger Cut With ABS Surprising The Market
DB Crude Oil Short ETN
Welcome to the OPEC edition of Oil Markets Daily!
Coming into this meeting, very few had expected OPEC to increase its production cut. Although analysts were arguing that a higher cut was needed, many did not see one coming.
OPEC+ agreed to a formal agreement to increase the production cut by ~500k b/d today to 1.7 mb/d. But the informal verbal communique is for a cut of ~2 to ~2.1 mb/d. The reason being is that despite the lower quota given to the Saudis, Saudi's new energy minister, Prince Abdulaziz bin Salman or ABS,