Yesterday’s report from Reuters that some OPEC member nations are cheating on their quota agreements is unique only in that the news agency has apparently got a document outlining what the cartel wants its members to do. Essentially, OPEC ministers want to cut crude production to the agreed-upon levels, taking nearly 2 million barrels/day out of the market.
If OPEC members were to comply with the quota, the big oil companies like Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP) could not make up that many barrels.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
