oil prices is not currently high enough to alter our base-case view. Indeed, even with the recent cut in oil production coordinated between OPEC and non-OPEC members, the size of today’s oil-supply glut and the historical tendency for producers to exceed their quotas greatly reduce the risk of a price spik

on and Republican sweep of Congress on November 9th. Later that same month, OPEC reached a historic deal to reduce crude production by 1.2mn b/d with non-OPEC producers delivering an additional 600k b/d of cuts — the first such joint curb since 1998. Risk assets responded with 30-year Treasury reaching a yi

lutense University of Madrid. Key topics of discussion: 1 — OPEC / Saudi Policy - OPEC agreed to cut production by 1.2mb/d, along with 600kb/d from non-OPEC producers. Francisco believes Saudi’s key objective will be to push the oil forward curve into backwardation to 1)lower global refinery margins 2) l

able to take us from this stage in less than 8 months. The work of a very great effort has been done in the oil agreement with the OPEC countries and non-OPEC countries is an agreement for the first time in history. We have always known in the past that the agreements were held between the OPEC countries on