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Oil prices rise as OPEC members agree on production cuts

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  • Economy
  • 6 months ago
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Oil prices have risen by 5% as the OPEC meeting in Vienna ended on a high note.

Members of the producing countries and its allies agreed on a production cut regardless of president Trump’s protests to bring prices down and at the same time give Iran some support as it is the third largest producer of the group.

Expectations were to be of a production cut of 1 million barrels, however it was announced that it would be a much higher figure of 1.2 million barrels.

With that announcement oil was up to $63 per barrel. 

 

 

 

Source: Smart Trend Team