HONOLULU (HawaiiNewsNow) - The price of oil drives our economy more than anything Washington does. So, one month into the OPEC production cuts, how are those cutbacks going?
Bloomberg News made a chart to compare promised cuts with actual cuts. The darker line is the actual production cut, the yellow line is what was promised.
Saudi Arabia is pumping even less than the cutback it promised. Kuwait, Algeria, Angola and Qatar are cutting back about as much as they said they would.
The United Arab Emirates are pumping more than they said. And Iraq cut back less than a quarter of what it promised. Let's not forget U.S. production is rising.
Bloomberg predicts the increase in crude won't last.