OPEC Agrees to Cut Oil Production — Maybe

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It’s hard to believe there’s any important non-Trump news out there, but the rest of the world keeps humming along without us:

OPEC representatives reached a deal to cut oil production after months of wrangling Wednesday, according to people familiar with the matter, in an effort to lift sagging prices and reassert the cartel’s influence over a market increasingly dominated by the U.S., Russia and others. Delegates from the Organization of the Petroleum Exporting Countries agreed to cut production by 1.2 million barrels a day from the current 33.6 million barrels, the people said, representing about 1% of global production.

The details are a little unclear, and the Indonesian Oil Minister said “there were still issues to resolve that wouldn’t be easy.” That may be why oil markets took the news more or less in stride. Prices were up a bit, but most traders are probably waiting to see if OPEC can actually make its new agreement stick.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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