OPEC’s Decision To Cut Production Is A Risky One, Here’s Why

OPEC and Russia delivered an agreement to cut oil production by a total of 500,000 barrels per day for in the first quarter of 2020. According to new production quotas, which were

website, Saudi Arabia and the other Gulf oil producers will shoulder most of the cuts, with Saudi Arabia committing to cut even more that its quota.... [+] their headquarters in Vienna, Austria, Thursday, Dec. 5, 2019. The countries that make up the OPEC oil-producing cartel are meeting Thursday to decide whether to cut production in order to support the price of fuel and energy around the world. This will be a real test the power of OPEC+ in the current market, and in particular, whether the cartel can instigate a durable price bump.

It was a particularly risky move to make at this juncture because this is a large enough cut that OPEC and Russia hope it will influence the market, but, given the institutional cheating, the cut seems unlikely to be able to make a real difference in global oil output. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, gamely tried to convince the media, analysts and market watchers that over-producers would curb their production inline with their agreed upon quotas.

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