International News (Issue 448) – May 12th, 2017
The Organisation of Petroleum Exporting Countries (OPEC) meet in 2 weeks to discuss further cuts to supply.
The meeting in Vienna will aim to underpin the oil price which continues to fall in light of excess production.
A reminder that the agreement to cut production back in November led to a 15% rise in the oil price in a mere 3 days so it will be interesting to see what transpires here.
It is likely OPEC will extend the duration of the agreed upon cuts but will not cut production levels further.
In recent days, major oil producers such as Iraq, Kuwait and Algeria have expressed support for the extension of last year’s cuts. Meanwhile, Russia a non-OPEC member, has also backed the continuation for production cuts given stronger demand was needed to break the current ceiling on prices.
Elsewhere, the French election went the way pundits expected with Emmanuel Macron becoming the youngest President of France since Napoleon.
His political movement, En Marche, received nearly two thirds of the overall vote. Macron’s internationalist pro-EU policies will now focus on rebuilding European unity citing last year’s Brexit as a breakdown of a strong partnership.
Have a great weekend.
Jono & Guy
Wednesday Closing Values
|U.S. S&P 500||2394||+4||+0.2%|
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