FAST FIVE: OPEC Meeting Ends As Members Agree To 1.2 Million Barrels Per Day Production Cut
Here's a quick final summary from BBG: Oil reached its highs for the day on news of an agreement The reduction will be split with 2/3 coming from OPEC members and 1/3 from its OPEC+ allies including Russia Iran, under US sanctions, will be exempt from the cut, a delegate said We have yet to see the final wording of the agreement * * * Update (8:00 am ET): Oil prices spiked Friday morning before quickly fading after Reuters reported that Iran has agreed to the OPEC deal for 800,000 b/d of cuts – only for an Iranian delegate to swiftly deny that report, sending crude prices back from whence they came.
* * * Update (6:30 am ET): Boom.
A counteroffer for Iran to agree to a “symbolic” cut has reportedly been categorically rejected by the Gulf Producer.
Others have said they still believe an agreement for a 1 million b/d cut could still be reached.
Brent crude futures swiftly priced in this uncertainty, falling 3% to trade below $60 a barrel early Friday before chatter about a possible larger-than-expected deal helped push prices back into the green.