OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria. ( Hasan Jamali / AP FILE PHOTO )Canada will certainly benefit if the world’s biggest oil producing countries move to restrict production, but skepticism exists on whether they will follow through on their promises. That would be down from August’s production rate of 33.2 million barrels a day – but it would shave only 700,000 barrels a day, some 2 per cent of overall production. That fall largely came from a boom in U.S. shale oil production and countries like Saudi Arabia choosing to continue to pump to hold onto market share. Producers like Venezuela and Nigeria have faced tremendous economic pain as oil prices remain low.

Source: thestar September 29, 2016 16:18 UTC