Energy Market Update and Halliburton
http://www.Gabelli.com Invest with Us 1-800-GABELLI (800-422-3554) Simon Wong, Research Analyst covering the energy sector at Gabelli Funds, gives an update on the Energy Market and Halliburton. He discusses the recent announcement by Saudi Arabia who shocked the oil market by voluntarily cutting its production by 500,000 barrels per day beginning in May through December. This was just one day before a formal OPEC Plus JMMC meeting. The announcement was quickly followed by the UAE, Iraq, Kuwait, Algeria, Kazakhstan, Oman and Gabon. These cuts are voluntary and not a binding OPEC plus policy, so it can be reversed anytime.