Wheeee! You know those lower gasoline prices we’ve been semi-enjoying these last few months or so? Forget that.
“OPEC has persuaded 11 non-members to cut oil production, a move aimed at draining a worldwide oil glut and boosting low prices that have squeezed government finances in Russia and Saudi Arabia.”
They persuaded to the tune of 558,000 barrels per day, and that doesn’t include OPEC’s own cuts within their cartel. Maybe we’re going to be leaving the eye of the storm a bit earlier than I expected – but we shall see….