April 21, 2017
BACK UP — The price of an OPEC barrel has recovered all of its recent losses—but isn’t continuing upward. Basically it is back in the $50-$55 range, which is where it had been since the start of December, when OPEC promised output cuts, until the recent losses caused by fears of rising stocks. Total OPEC cuts are close to what was promised, but only because Saudi Arabia is cutting much more than it promised.