OPEC reaches output record despite talk of cuts
Saturday, October 22, 2016
Last month OPEC agreed to bring its maximum output down to 33 million barrels a day. However, by the month’s end it boosted it to 33.64 million barrels a day, according to The Wall Street Journal.
The increased production puts into perspective how much it will take to achieve the desired output cuts help the flooded crude market rebound and increase prices.
The global oil benchmark, Brent crude, rose 0.65 percent to $52.74 a barrel on London’s ICE Futures exchange. Additionally, West Texas Intermediate futures were trading up 0.33 percent at $50.97 per barrel on the New York Mercantile Exchange.
Learn more: The Wall Street Journal > OPEC Sets output record amid talk of cuts — Energy Journal
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