2 big news from O&G industry in the last month of 2016.
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| 2 gap ups in the Brent Oil chart [1] |
Notice that there are two gap ups? I had labelled A and B in the chart above. A happened when OPEC (Organization of Petroleum Exporting Countries) agreed to first ever production cut in 8 years[2]. It happened on 30 November 2016. The gap up in B happened immediately after non-OPEC and OPEC producers agree on output cut[3].
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