Wednesday, August 6, 2025
Finding Costs Drop to 10-Year Low - Oil & Gas 360

OPEC Reaches a Production Deal and Brent Hits $50, Now What?

OPEC deal to cut 1.2 MMBOPD could return market to balance in the first half of 2017 Crude oil prices surged Wednesday following news from OPEC that the group agreed to cut 1.2 MMBOPD of production after two years of producing near capacity in a bid for market share. OPEC agreed to cap production at 32.5 MMBOPD, which, along with