OPEC Agrees to Cut Oil Production — Maybe


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.

FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2019 demands.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate