OPEC's global producer pact could signal oil market metamorphosis – Platts

S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, believes “joint output cut pact highlights a show of strength and unity across global producers that could mark a new era in cooperation aimed at bringing stability back to global oil markets”.

Buoyed by the non-OPEC deal, Saudi Arabia said it could cut below the psychological figure of 10 million barrels per day. Platts says, “Saudi is making it clear to the global market: the kingdom wants the output deal it negotiated with major producing countries to stick, even if it has to cut production more than it already committed to.”