AP Analysis: Will oil producers’ cut have lasting impact?
VIENNA — It seems like a big deal. But the joint production cut from OPEC and non-OPEC countries — the first in 15 years — might push up the price of oil less than the nations involved are banking on.
At well over $50 a barrel, oil prices remained buoyant and well above recent norms on Monday, reflecting the cutbacks to production agreed to this weekend — and with reason.
Less than two weeks after members of the Organization of the Petroleum Exporting countries agreed to pare 1.2 million barrels a day of their production, they were joined by nearly a dozen outsiders Saturday who pledged an addition daily 558,000-barrel cut.