Nov 30 Meeting Will Determine Future Of Oil Cut Pact – 7 November, 2017

With oil trading higher than they have in over two years, a Nov 30 meeting will determine if OPEC will be able to come to a decision about whether or not a global pact to curb oil production until March 2018 will be solidified. Even with the increase in oil prices cuts need to be made in order to clear out the oversupply. A spokesperson for OPEC said that none of the participating countries have objected to the deal, though more are being invited to join in on the pact. The pact plans on reducing oil stocks to their five year average, with OPEC leading the group being almost halfway there.