“More Politics Than Anything Else” – Wall Street Reacts To The OPEC Oil Production Cut Deal

While OPEC reached an “understanding on a production cut“, if not exactly a production cut deal just yet – since every OPEC member’s production has yet to be determined, the sellside has responded. The following is a collection of analysts’ reactions following the OPEC announcement.
Societe Generale Global Head of Oil Research Mike Wittner
‘The cut is clearly bullish,’ Wittner says by phone ‘The number of actual barrels that will be taken off the market is unclear. What’s much more important is that the Saudis appear to be returning a period of market management’ Price Futures Group Senior Market Analyst Phil Flynn
‘When you have the first OPEC agreement of 8 years and non-OPEC cooperation, it’s going to be bullish’ ‘This will push us back into the $50 handle, maybe give us the potential to get into $60 or maybe even $70′ next year.

This post was published at Zero Hedge on Sep 28, 2016.