Oil prices spiked on Friday on news from Vienna.
OPEC+ managed to pull off an eleventh-hour agreement, checking all the boxes after a contentious set of meetings. There were a lot of competing interests at play, but the agreement offers a little bit of everything, enough for all parties to walk away satisfied.
The headliner is the 1.2 million-barrel-per-day (mb/d) cut beginning in January, with a review scheduled for April. OPEC will shoulder 800,000 bpd of the total, and non-OPEC countries will take on the other 400,000 bpd. The baseline used to measure the cuts is October production levels. read more