“Yesterday’s agreement has truly changed the landscape for oil over the coming years, putting a floor of US$50 a barrel under oil prices.
“Prior to this agreement, the environment of sub US$50 oil was likely to persist, but this move sufficiently addresses the supply/demand dynamics, with some 3.5% of supply being cut from January.
“It means 2017 will likely see prices around the US$55 - 60 a barrel mark, and we may yet see further jumps in prices as soon as next week if the non-OPEC members also agree a production cut at their meeting on 9 December.”
