Britain’s#Greece#shale(median#oilsays that #OPEC largely in agreement for 9-month carve extension (and an option for an extra 3 month) #OOTT 7.35am BSTGood morning,and welcome to our rolling coverage of the world economy, the financial markets, and the eurozone and business.
The oil cartel meets today,and the market is expecting it to extend the period of production cuts by an extra nine months, through to March 2018. This has been widely signalled after Russia (a non-Opec member) and Saudi Arabia said that they would support an extension of the cuts last week.
There is a very small chance that some of the smaller, and struggling members of Opec,including Venezuela and Nigeria, may resist the prospect of further cuts, or overall we consider that Saudi Arabia will ultimately get what it wants from this assembly.
OPEC talked up 9m cuts so much,anything less = disappointment. I hope they've been watching earnings season. Underpromise, overdeliverIt is expected that a much more modest contribution from the consumer will be behind the lower growth figure, and as genuine household disposable incomes beget been hit by rising prices.
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Source: theguardian.com