Opec countries agree first oil output cut in eight years

[H!TchHiker]

1) 3 times in the past 20 years they have reached a production cut and all 3 times they cheated with each other by pumping and dumping oil in the open market.

2) Secondly do not forget that an oil price increase helps the shale producers who were almost out of the game for months due to low prices. So any boost to prices now is likely to bring more shale on stream - and they will probably "hedge" or make sure they are covered if prices subsequently fall back.Shale producers back in the game above $50 a barrel

3) Oil matters are more slippery Iran back in the game, Iraq and Nigeria with internal problems, Russia the biggest Non-OPEC player suffering from low revenues, China consumption not increasing.

 

[royalharris]

With technology development, diversified energy resource, and more and more oil&gas reserves discovered, the days of high oil price is long gone
keep a reasonable price to get the balance, this is the only solution

 

[KediKesenFare3]

They forced Indonesia out of OPEC to reduce the oil production only statistically.

 

[Śakra]

I just don't see how oil will over get back $100!! which is needed for OPEC and the GCC to grow and keep it's people happy.

Never coming back. OPEC tried to play brinkmanship, too bad the rest of the world has better strategists and can see through their bluff. They are the architects to their own demise. Had they not decide to overproduce in an attempt to price out their competitors, oil would still be at $100/barrel.

 

[AmirPatriot]

I don't think anyone is expecting $100 oil to come back, but for a moderate price level to be set. $100 oil was never the normal, the oil market has no normal. This is to relieve the finances of the oil-reliant Persian Gulf states that were hit most hard by the price reduction, namely Saudi Arabia.