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Oil Prices Surge to Highest Levels in Almost Two Years Following Production Cuts Pledges from Non-OPEC Countries

December, 14 2016
watermark Economic news

Crude oil prices rose to its highest levels in over 17 months following Saudi Arabia’s pledge to cut back on its oil production more than the previous agreement, as well as a pledge from non-OPEC countries to implement production cuts next year. Saudi Arabia’s Energy Minister has already stated that the country will be cutting back well below the predetermined target, and non-OPEC nations followed suit, with the said countries agreeing on cutting back by up to 558,000 bpd next year. This particular agreement is the first of its kind between OPEC members and non-OPEC members during a 15-year period.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.