Thursday, March 2, 2017

Reuters/CNBC oil headline says Russian production cuts stall, when the truth is Russia is cheating

So who's working in sympathy with the Russians now, huh?

"US oil settles at $52.61 a barrel, down $1.22 after Russian output cuts stall" says the headline.

"Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with cuts remaining at 100,000 bpd or just a third of the levels pledged by Moscow under the agreement with the Organization of the Petroleum Exporting Countries" says the story, here.

Headline should have read: "Russian oil output cuts fall 66% short of those promised two months in a row".

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