By Cyril Widdershoven

After a hectic week of unofficial meetings between OPEC members in Vienna, largely in and around the Hofburg, the former residency of the Austrian Emperor Franz Jozef and his wife Sisi, an official production increase agreement has finally been reached.

In the official OPEC communique, the oil cartel stated that overall production will be increased by 1 million bpd. In reality, this will mean that around 600,000 bpd will be added to the market. Still, the communique is rather vague. No real timelines have been stated while specific production levels of countries also remain a mystery. Taking into account the diplomatic frenzy witnessed in the last hours of the Vienna meeting which was preceded by immense controversies the days before, the current OPEC agreement should not be taken at face value.

Read more...http://energyworthonline.com/2018/06/23/new-opec-deal-paper-barrels-wont-work/