Oil price goes up after OPEC makes deal to cut oil production

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FORT ST. JOHN, B.C. – According to an article from the CBC, oil went up 6% today after OPEC sources have said that the group has come to a deal to limit crude oil output.

Brent crude went up up $2.76 (6%), at $48.73 a barrel today.

The Organization of the Petroleum Exporting Countries (OPEC) will limit production to 32.5 million barrels per day, which is apparently 750,000 barrels lower than what it produced in August.

The article also said, according to two OPEC sources, the agreement is the first deal since 2008 where the agreement to cut oil has been struck.

 

 

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