Oil Prices up with new OPEC Agreement

1

Finally an OPEC agreement has been reached and oil prices are up as a result. Iran was the the country that held out on the talks yet after agreements had been made there is to be a cut in oil production.

Oil prices shot up on Friday after the stubborn holdout Iran agreed to have OPEC reduce oil production by a total of 800,000 bpd, while non-OPEC nations, led by Russia, are reportedly adding another 400,000 bpd of cuts, for a total of 1.2 million bpd OPEC+ production cut.

The OPEC agreement is for a six month period and will be reviewed again at that time. Until then it seems that oil prices will remain steady.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here