OPEC To Cut Oil Supply For Nine Additional Months – 18 October, 2017

OPEC, Russia, and nine other oil producers are looking to cut output until March 2018 to 1.8 million barrels per day to remove all excess stored oil. In August, oil stocks were roughly 171 million barrels over the five year average with a total of 2.996 billion barrels. Brent crude is trading at $58 per barrel, while OPEC has been raising global oil demand projections for growth.