The OPEC countries and Russia also are going to cut production to increase prices.
http://english.aawsat.com/w-mahdi/business/opec-countries-show-full-compliance-output-cut-agreement
The average of OPEC countries compliance with the output-cut agreement is expected to exceed 100% while that of non-OPEC countries to surpass 60%. The meeting will witness the participation of ministers from OPEC members Kuwait, Algeria, and Venezuela in addition to non-OPEC countries Russia and Oman.
Remarks: Just so you know.
Not sure if Iraq is cutting, but I know Iran is not cutting correct?
The Saudis are losing market share in both Europe and Asia. Part of the Saudi King's Asia tour was to try and build oil business relationships.
OPEC has been trying to pinch the oil price for several years now. All while US production grows and South American offshore wells produce at lower costs.
Good, screw them. OPEC's not as important as they once were. Hope they lose some more market share.
[Edited on 3/28/2017 by nebish]
