Oil prices spiked sharply higher Friday as major oil producers, including the OPEC cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Oil producers have been under pressure to reduce production following a sharp fall in oil prices over the past couple of months. Ann-Louise Hittle, a vice-president at oil industry expert Wood Mackenzie, said the production cut "would tighten" the oil market by the third quarter next year and help lift Brent prices back above $70 per barrel. On top of this, Saudi Arabia also needs higher oil revenues to fund domestic Saudi spending." The World does not want to see, or need, higher oil prices!"

Source: CBC News December 07, 2018 16:35 UTC