http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-12-08 03:12:332018-12-08 03:12:33Analysts: OPEC Decision Good For Global Market, US Shale Producers
Analysts: OPEC Decision Good For Global Market, US Shale Producers
Despite President Donald Trump’s persistent calls for OPEC to not lower production, the 15-member oil cartel’s decision to reduce supply on Dec. 7 will ultimately be good for U.S. oil production, a senior oil market analyst told Hart Energy.
OPEC ended two-days of intense talks in Vienna, Austria, with the expected decision to reduce oil supply by 1.2 million barrels per day (MMbbl/d) beginning in January. The immediate response was that oil prices jumped 5% as Benchmark Brent crude oil rose $3.26 to a high of $63.32 early on Dec. 7 and U.S. light crude rose $2.62 to a high of $54.11 before slipping to around $53.90.