Experts warned that prices would jump as the Organization of Petroleum Exporting Countries (OPEC) has reportedly agreed to cut crude oil production for the first time in eight years. The stakes for OPEC, which pumps 40 per cent of the world’s oil, are high as the International Energy Agency has warned of a weak petroleum market next year. As OPEC agreed to limit its output, Russia smashed a post-Soviet oil-supply record, pumping 11.1 million barrels a day in September, up 400,000 from August, according to preliminary estimates. While Russia participated in the Algiers talks, it is not party to the OPEC deal. McKnight is also curious to see how the move to cut production, which is to be finalized Nov. 8, will affect the U.S. presidential election.

Source: thestar September 29, 2016 00:06 UTC