Not so friendly anymore
Interesting headline hitting from Bloomberg. WTI to $52.25.
Bloomberg reports that it's an effort to "dampen visible build-ups in crude inventories". The cut will hit in January with a 40% drop from the average over the past three years.
The cut may be an effort to convince skeptics that it's resolute in its determination to follow through on pledges to balance the market.
"Saudi crude shipments to the U.S. next month could even test the 30-year low set in late 2017 of 582,000 barrels a day, down about 40 percent from the most recent three-month average," the report says.
