Contrary to many analysts’ expectations, OPEC successfully reached a deal to cut production on Wednesday. The deal, while still contingent upon non-OPEC production cuts, would see total OPEC production drop to 32.5 million bpd. There are winners and losers in the deal, with the largest cuts born by Saudi Arabia (486,000 bpd), the UEA (139,000 bpd) and Iraq (210,000 bpd). Iraq and Iran, initially resistant to major cuts, got away with only minor changes to their overall production, though Iran won’t be able to pass that golden 4 million bpd threshold Bijan Zanganeh had been insisting upon since August. Enthusiasm over the deal saw prices shoot up on Wednesday, with Brent and WTI sailing past $50 and investors winning big across the board. More good news greeted the market on Thursday, as Russia announced it would join in the production cuts, apparently sealing the deal. Lots, […]