This Week’s Market Buzz
- Published: Wednesday, 30 November 2016 15:44
• The Organization of the Petroleum Exporting Countries (OPEC) reached a deal to cut back on oil production by 1.2 million barrels per day to raise global prices. OPEC nations currently produce about 33.7 million barrels of oil per day. Under the deal, they’ll bring that down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE and Kuwait making the biggest cuts. Global oil prices rose nearly 9 percent on the news, with Brent crude rising from $46 per barrel up to $51 per barrel.