Tagged: oil

The OPEC deal sends prices soaring

Members of the Organization of Petroleum Exporting Countries (OPEC), the oil producers’ cartel, have agreed to cut output for the first time since the 2008 global financial crisis to rebalance the oversupplied market. In September,...

oil glut

The global oil glut will not be eased without output cuts

Saudi Arabia, OPEC’s largest producer, and Russia, the world’s biggest oil producer, have reached a tentative agreement to freeze oil output at January levels, which is also backed by other OPEC members, Qatar and...