OPEC has seen the oil glut and is shutting down production by a couple million barrels a day to get those prices/profit back up.We went out for noon lunch to Good Gravy on Western in OKC today. On our way back home, we went by the Sam's on May Avenue and filled up with 10% ethanol for $2.31 per gallon.
But, since oil is on a commodity market, prices are always subject to change.
In addition to Saudi Arabia, the following voluntary barrel-per-day production cuts were announced: Russia by 500,000; Iraq by 223,000; the United Emirates by 163,000; Kuwait by 135,000; Kazakhstan by 82,000; Algeria by 51,000 and Oman by 42,000, OPEC+ said.
The group also announced after the meeting that Brazil, another major oil producer, will join at the start of next year.