http://illuminatisilver.comhttp://facebook.com/illuminatisilverOPEC Agrees To Cut Production - Oil rises - Gold and Silver falls
Today is Wednesday 30th November 2016 and we are briefly covering OPEC’s Agreement today to cut back on oil production.
OPEC, which accounts for a third of global oil production, agrees its first output cut since 2008, with Saudi Arabia accepting what has been termed "a big hit" on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.
The agreement originally proposed by Algeria to reduce production by around 4%, resulted in Kuwait's oil minister confirming that OPEC has in fact agreed to cut production to 32.5 million barrels per day.
Saudi Arabia will reduce output to 10 million bpd, while Iran will freeze output at close to current levels of 3.8 million bpd and other members will also cut production.
Kuwait, Venezuela and Algeria have agreed to monitor compliance with the OPEC agreement.
Non-OPEC member Russia has also agreed to cut output by 300,000 bpd.
At the time of producing this video, Brent Crude stands at $50.14 up 8.11% and WTI Crude is up 8.56% at $49.10 a barrel.
Although traditionally oil and gold prices tend to move in similar directions it’s interesting to note that gold has fallen $14 today to $1173 and silver has fallen 11 cents to $16.51
Gains in energy and bank stocks drove the Dow and the S&P 500 to record intraday highs, but losses in technology stocks dragged down the Nasdaq. The Dow stands at 19,179 up 58 points, the S&P 500 stands at 2,207 up 2 points and the Nasdaq is down 40 points at 5,339.
We would prefer to wait before commenting as to whether oil prices will remain at or above $50 as much will be determined upon the December 9th meeting between OPEC and non-OPEC producers. It will be interesting to see how traders react to this news over the next few days.
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