OPEC Has "Reached An Understanding on a Production Cut", Will Wait Until November To Finalize

from Zero Hedge

As was leaked earlier today by Reuters, which reported that OPEC could announce an output-freeze deal on Wednesday in Algeria, although full details are unlikely to be firmed up before a formal meeting of the Organization of the Petroleum Exporting Countries in November, moments ago Reuters blasted that a production cut – the organization’s first in 8 years – is precisely what OPEC has agreed on (citing a source so don’t be surprised if everything is denied in a few minutes) at its Algiers meeting, when it announced that a deal to limit oil production has been reached, however the execution won’t take place for another two months.

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