|  Clifton Linton

OPEC Cuts Production; Could Spur Petroleum Rail Traffic

by Clifton Linton, Editor, Energy Transport Insider

Rail shipments of petroleum and petroleum products such as gas liquids could see a rise in the wake of news that OPEC agreed on a production cut this week. The oil cartel agreed to reduce daily production to 32.5- to 33-million barrels per day from the current 33.24 million b/d. This is the first production cut since 2008.

Crude oil prices on the CME Groups’s NYMEX market rose sharply topping $47/bbl in the wake of the news.

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