OPEC has announced not only that it is planning rather drastic production cuts, but also that it expects Russia to help. One more cause for us to start snickering to ourselves in the office, drawing concerned gazes from our colleagues and visitors.
Oil at $75 a barrel is "satisfying" to producers and consumers, Khelil said. Prices below $70 may cut investment in production, risking a renewed supply crisis, he said, adding that the scope of production cuts will decide how long it takes to remove surplus inventories from the market.
Seeing Big Macs at $9.50 is probably "satisfying to producers and consumers" too, I suppose.
OPEC Favors Cut to Trim Stocks, Expects Russian Help [Bloomberg]