Asian Markets crashed by the oil slump

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be the output level in August.

The quotas for each member and the implementation data, will be finalised at OPEC’s policy meeting in November. (Reuters, 30th September 2016).

Till the final decision on November 30 meeting, one could expect to find a floor for crude oil prices, said Mriganka Jaipuriyar, Associate Editorial Director, Platts (http://www.moneycontrol.com/news/fii-view/all-eyesopecs-nov-meet-expect-floor-for-crude-platts_7540801.html).

Refiners in the world’s biggest oil market, already struggling with a profit-sucking glut of refined fuel, face another hindrance if OPEC members cut supplies of crude.

If prices do rise, they will initially provide a boost for refiners, as it will increase the value of oil and refined products sitting in storage tanks, Hong Sung Ki, a Seoul-based commodities analyst at Samsung Futures Inc., said by phone. (Bloomberg, 30/09/2016).

If prices do rise, they will initially provide a boost for refiners, as it will increase the value of oil and refined products sitting in storage tanks, Hong Sung Ki, a Seoul-based commodities analyst at Samsung Futures Inc., said by phone. (Bloomberg, 30/09/2016).

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