That, rather than the spike in oil prices, is the real story to emerge from the agreement reached by Opec’s 12 members that they must agree to cut production. Let’s be clear, a deal to actually restrict the flow of crude oil onto the global energy market has not yet been reached. Oil price and stock markets rise as Opec cuts crude output Read moreAs one analyst rightly noted, Opec seemed to have been taking lessons from EU summits. To be sure, it built up substantial reserves when the oil price was high but these are rapidly being depleted. But every dollar a barrel on the oil price is good news for the frackers of North Dakota.

Source: The Guardian September 29, 2016 12:04 UTC