Will OPEC’s Self-Imposed Limit Make a Difference? Last week OPEC surprised many (us included) by making a decision in favor of limiting production. Member states have agreed to a cull of about 750,000 barrels per day (bpd), but the finer points of how that will be shared across the organization won’t be decided until OPEC’s November policy meeting. But is that figure significant? Is it enough? Will it actually make any tangible difference to the global oil glut that we’ve seen in recent months? And will prices go up or down as a result? The fact is that with the 750,000 bpd put to one side, OPEC is still producing a significant amount of oil. Figures for August show that output was around 33.53 million bpd. September pushed higher, with production coming in at 33.60 million bpd. So realistically a decline of around 750,000 bpd (or a production limit […]