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Significant Points
OPEC cut crude pro­duc­tion 1.5M bar­rels per day on pro­ject­ed con­sump­tion drop
OPEC wants to keep their con­glom­er­ate bas­ket of 7-oils at $25/barrel
OPEC oil typ­i­cal­ly stays $2 below North Sea & $4 below US prices
Demand falls in 2Q w/ end of win­ter before peak dri­ving sea­son
US con­sump­tion up only 50K barrels/day (0.3%) when eco­nom­ic growth was 4.7%