Update On OPEC November, 2016, Meeting -- Zeits -- November 25, 2016

From Zeits at SeekingAlpha:

• Iraq’s statement of support for a 1-million-barrel production cut signals continued success at the negotiation table
• The chances are high that progress is being made not only on the text of the resolution at the meeting, but also with the implementation mechanism
• OPEC’s ability to put in place a successful price support policy should not be underestimated

Saudi Arabia pushed a 2% output cut. 

Keep this in perspective:

• WTI at about $47 right now
• breakevens below $25 in the Bakken right now (posted earlier)
• OPEC has yet to meet; tea leaves suggest OPEC is getting its act together