Following a Reuters report which stated that OPEC had reached a deal effective from November to limit oil production, oil is literally going through the roof.
OPEC have agreed to decrease their oil output to 32.5 million barrels a day (they currently produce around 33.24 million barrels a day).
Once these targets have been reached, OPEC will reach out to non-OPEC producers for their cooperation.
US energy stocks have been rallying since the news with BP, Exxon Mobil and Chevron’s markets all receiving an increase.
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