OPEC Producers Close Deal on Oil Production

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  • OPEC produces have come to the agreement of 1.2 mln barrel per day to be the agreed amount of oil production among the partnered countries.
  • Russia who is not officially part of OPEC has also agreed to coordinated oil production.
  • As a way of getting the oil price to stabilize it was preliminarily agreed to limit the production of oil to no more than 1.3 million barrels per day from October onwards.
  • Commodities are reading higher today with 2.2% additions in the commodity market.

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1 COMMENT

  1. with the barrel production being reduced by 1.5 million barrels i would be expecting to see oil prices increase… when will that happen do you think?

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