OPEC two-step: higher ceiling, big cut Cartel says to slash output by 2-mil b/d from June 1

摘要

OPEC took markets by surprise Apr 24 with a complex deal dressed up as a 2-mil b/d crude supply cut but which raised its formal ceiling by 900,000 b/d and removed Iraq from the equation. The confusing formula was calculated on the basis of a production level of 27.4-mil b/d, which included Iraqi production at 1.9-mil b/d in February and March but did not include Iraqi production in April.