Liam Denning, Columnist

OPEC Starts Counting the Days

Its production cut could ease the glut -- if it lasts.

November 30, 2016 at 6:44 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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OPEC has delivered. But now it must ... actually deliver.

The oil-producer group announced a grand bargain to cut 1.2 million barrels a day from its own production, along with pledges from other countries such as Russia to pull another 600,000 barrels a day off the market. Taken together, the cuts are roughly equivalent to the combined output of OPEC members Nigeria and Gabon. Brent crude jumped by 8 percent to just above $50 a barrel on Wednesday.