Oil prices reacted with relief on Thursday, with Brent crude rising about 1.2 percent at one point. “This is a win for OPEC,” said Abhishek Deshpande, head of oil market strategy at JPMorgan. Iraq Iran OPEC Member Countries Algeria Libya Saudi Arabia Kuwait, Qatar, United Arab Emirates Venezuela Nigeria Ecuador Equatorial Guinea Gabon Angola OPEC Member CountriesMuch was at stake for Saudi Arabia in the OPEC meeting. Though the crown prince, 32, was not at the talks in Vienna, his plans for transforming Saudi Arabia were on participants’ minds. The cuts by OPEC members and other producers have amounted to more than 1 percent of global supplies, but they have taken on outsize significance in the markets.

Source: New York Times November 30, 2017 16:47 UTC