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The focus of the week has been the meeting of the Organization of the Petroleum Exporting Countries (OPEC) members which took place in Vienna, Austria on Wednesday, 30 Nov 2016. For many months, Saudi Arabia, the largest oil producer in the OPEC group, has had ongoing negotiations with other OPEC members to convince them to agree to a production cut amid the oil supply glut and falling oil prices. On 22 Nov 2016, a week before the OPEC meeting, the market was confident that a deal to cut oil production would be imminent, Continue reading “Beginning of the end of the oil glut” →