Is a massive 2016 hit for Milky Chance from the album sadnecessary .
If you are holding high beta oil and gas stocks on Bursa Malaysia, you could end up being sadnecessary, after OPEC said, that some of its members could have stolen a dance or two when it comes to output cuts.
Reuters has the story. Read below :
Oil prices fell today as doubts emerged that crude production cuts would curb a global surplus of fuel supply.
The Organisation of the Petroleum Exporting Countries (Opec) revealed in November it would aim to cut production by 1.2m barrels a day from the first of the year, but today delegates told Reuters it is unlikely to deliver its full target.
Opec aims to cut production to remove the global oversupply and prop up low prices that are hurting the revenue of exporting nations.
Brent crude futures, the international benchmark for oil prices, was trading at $55.87 per barrel earlier this morning, down 14 cents from the last close, while West Texas Intermediate (WTI) crude was down nine cents to $52.92 per barrel.
Opec said compliance of 80 per cent would be good and as low as 50 to 60 per cent is acceptable.
