OPEC leaders agree to cut oil production

The Oilprice has declined along with the stock market but Opec leaders agreed to cut production of 1,5 bpd with Russia support as Coronavirus hits demand. At the same time we have 2 and 10 year treasury yield below 1 percent. Investors are not shure how to react to the Coronavirus. A virus that usually has mild or no symptoms at all, according to experts.

Opec members will cut 1,0 mil bpd and its non-Opec allies (led by Russia) will cut by 0,5 mil bpd instead. This is interesting as we look towards OPEC talks on Friday. OPEC will hold a press conference on Friday after the OPEC meeting.

To contact the author of this story: Ket Garden at post@shinybull.com

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