Saudi Arabia u-turned on its unlimited oil policy and prices are jumping
|09/29/2016||Posted by BusinessMediaguide.Com under General World News||
Saudi Arabia, the world’s biggest oil producer, is beginning to reverse a two-year policy of unlimited oil production, agreeing an output cap with fellow members of oil cartel OPEC.
The price of crude oil jumped more than 6% after the Organization of the Petroleum Exporting Countries agreed to limit production after a meeting in Algeria.
The countries agreed to limit production to a range of 32.5-33.0 million barrels per day, the first cut in production since the 2008 financial crisis, according to the Financial Times.
Here’s what happened when the cut was announced:Saudi Arabia initially began its policy of read more >>>