Cardinal Update – December 2016

OPEC – On November 30, the members of the Organization of Petroleum Exporting Countries (OPEC) met and agreed on a production cut for the first time since 2008. It marks a 180 degree change from November 2014 when, faced with an oversupply, the cartel decided not to cut production. That 2014 meeting sealed the fate of the oil price recession as the Saudi’s put the cartel before the horse, targeting market share, rather than the price.

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