The oil prices are jumping today by about 5% to levels not seen since 2015, after Saudi Arabia and other non-cartel OPEC, such as Russia and Mexico, have signaled that they favor of a reduction in oil production, of about 600 thousand barrels per day.
This is in addition to the decision taken in OPEC conference in Vienna in late November, to reduce the oil quotas by 1.2 million barrels a day.
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