Oil prices rise on planned Opec cuts

Oil prices rise on planned Opec cuts
 

Major oil producers have agreed to cut production by more than one million barrels per day in a bid to boost energy prices.
Opec members, as well as countries allied with the cartel led by Russia, announced the plans on Friday, sending the price of Brent crude up almost 5%.
The cuts are due to start in January and last six months.
The plans come as the industry is grappling with a roughly 30% slide in prices since October.
The fall has been spurred by forecasts for lower demand, as well as a surge of shale production in the US.
Officials said Opec would reduce output by 800,000 barrels per... read more

 
Friday, 18:16 in Business, Views: 76
Source: BBC
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