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Thursday, 1 December 2016

Opec agreement: the winners and the losers

Opec agreement: the winners and the losers:
"Opec has won a deal that should, if properly implemented, go a long way towards easing a supply glut that has hammered prices for two-and-a-half years. But it will not come for free, and some members of the cartel will pay a higher price than others.

Saudi Arabia and its Gulf Arab allies, including Kuwait, United Arab Emirates and Qatar, have agreed to shoulder the bulk of the cuts. They are banking on a quick recovery in price to ensure they do not lose revenues or surrender market share to other suppliers.

Iran and Iraq, which sit outside the Gulf bloc in the Middle East, have sacrificed less. Most oil analysts see the limited concessions they made to let the deal succeed as largely face-saving technical measures to placate the Saudis."

'via Blog this'