Industry at a glance ///
As this issue went to press, OPEC reached an agreement on Nov. 30 to cut its collective production roughly 4%, from 33.8 MMbopd to 32.5 MMbopd. Predictably, oil prices on the day of the deal announcement jumped considerably higher, with Brent gaining nearly 8%, to $50.12/bbl, and WTI climbing more than 8%, to just short of $49/bbl. Whether the deal could hold together, and what further impact it might have on price, remained to be seen. Meanwhile, U.S. oil output in October was up slightly from a month earlier at 8.61 MMbpd, but it was still down 6.9% from a year earlier, despite an 8.9% gain in Alaskan production. Global output was up 900,000 bopd, due to significant gains in Russia and the FSU, Norway, Iraq, Iran and Nigeria. The U.S. monthly rig count average was up 6.8% compared to the month earlier, but still down 23.7% from a year ago.
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