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Oil Prices Jump 5% As OPEC Reaches Production Cut Deal

 
Psychonaut SN7
Truth Lies Beyond The Veil

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12/07/2018 08:53 AM

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Oil Prices Jump 5% As OPEC Reaches Production Cut Deal
"The Organization of the Petroleum Exporting Countries (OPEC) reached a new deal to curb global crude output. Oil prices surged over 5 percent following the news.

OPEC member-countries and other oil producing countries have agreed to cut crude output by 1.2 million barrels per day (bpd), a spokesman said as quoted by Bloomberg.

The long-anticipated deal was reached as OPEC and major global producers, including Russia, met in Vienna. The key purpose of the meeting was to negotiate production cuts in order to boost global crude prices that have seen a dramatic drop of nearly 30 percent over recent months."

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Last Edited by Psychonaut SN7 on 12/07/2018 09:30 AM
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12/07/2018 10:11 AM

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Re: Oil Prices Jump 5% As OPEC Reaches Production Cut Deal
cocksuckers
Trudeau must geau!

candp3
Richard Painter's Neck

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12/07/2018 10:13 AM
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Re: Oil Prices Jump 5% As OPEC Reaches Production Cut Deal
im torn on this one, because the breakeven cost to pull oil out of the ground is around $50 anyway. If you drop the cost too low, you have oil companies laying people off.
Fifth-and-a-Half Element

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12/07/2018 11:53 AM
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Re: Oil Prices Jump 5% As OPEC Reaches Production Cut Deal
Meanwhile:

Thread: Here we go again: Dow falls 250 points, bringing decline for the wild week to more than 3%. UPDATED: Dow is now down more than 460 points