OPEC Agrees to Cut Oil Production — Maybe

Get your news from a source that’s not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily.


It’s hard to believe there’s any important non-Trump news out there, but the rest of the world keeps humming along without us:

OPEC representatives reached a deal to cut oil production after months of wrangling Wednesday, according to people familiar with the matter, in an effort to lift sagging prices and reassert the cartel’s influence over a market increasingly dominated by the U.S., Russia and others. Delegates from the Organization of the Petroleum Exporting Countries agreed to cut production by 1.2 million barrels a day from the current 33.6 million barrels, the people said, representing about 1% of global production.

The details are a little unclear, and the Indonesian Oil Minister said “there were still issues to resolve that wouldn’t be easy.” That may be why oil markets took the news more or less in stride. Prices were up a bit, but most traders are probably waiting to see if OPEC can actually make its new agreement stick.

BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things they don’t like—which is most things that are true.

No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

payment methods

BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things they don’t like—which is most things that are true.

No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate