Welcome to illuminati silver, we tell you the truth about silver.
Today is Wednesday 30th November 2016 and we are briefly covering OPEC’s Agreement
today to cut back on oil production.
OPEC, which accounts for a third of global oil production, agrees its first output cut
since 2008, with Saudi Arabia accepting what has been termed "a big hit" on its production
and agreeing to arch-rival Iran freezing output at pre-sanctions levels.
The agreement originally proposed by Algeria to reduce production by around 4%, resulted
in Kuwait's oil minister confirming that OPEC has in fact agreed to cut production to 32.5
million barrels per day.
Saudi Arabia will reduce output to 10 million bpd, while Iran will freeze output at close
to current levels of 3.8 million bpd and other members will also cut production.
Kuwait, Venezuela and Algeria have agreed to monitor compliance with the OPEC agreement.
Non-OPEC member Russia has also agreed to cut output by 300,000 bpd.
At the time of producing this video, Brent Crude stands at $50.14 up 8.11% and WTI Crude
is up 8.56% at $49.10 a barrel.
Although traditionally oil and gold prices tend to move in similar directions it’s
interesting to note that gold has fallen $14 today to $1173 and silver has fallen 11 cents
to $16.51 Gains in energy and bank stocks drove the
Dow and the S&P 500 to record intraday highs, but losses in technology stocks dragged down
the Nasdaq.
The Dow stands at 19,179 up 58 points, the S&P500 stands at 2,207 up 2 points and the
Nasdaq is down 40 points at 5,339.
We would prefer to wait before commenting as to whether oil prices will remain at or
above $50 as much will be determined upon the December 9th meeting between OPEC and
non-OPEC producers.
It will be interesting to see how traders react to this news over the next few days.
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Disclaimer:
Illuminati Silver owners come from a background of Banking, International Wealth Management
and Economics.
Having now retired from these worlds we are not qualified to give investment advice.
Therefore, this and other productions must not be deemed to be giving such advice and
merely represent the personal views of its owners.