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[Vanillalite]

CNN

It would be the first time in eight years that the oil cartel would lower output. The agreement was reached on Wednesday at a meeting in Algiers.
Oil prices surged more than 5% in reaction.

A global glut of oil supply caused oil prices to crash over the last two years. And OPEC nations, led by Saudi Arabia, have refused to lower production until now.

Under the agreement, OPEC oil production is expected to be reduced to 32.5 million barrels of oil per day from 33.4 million. Saudi Arabia, the largest oil producer, is expected to give up 350,000 barrels a day, according to a senior OPEC source quoting the final proposal. Other OPEC nations are expected to lower production too, though more details were not immediately clear.

Three countries are exempted from the production cuts: Iran, Nigeria and Libya. Economic sanctions were lifted on Iran earlier this year, and Libya and Nigeria have had some of their oil facilities damaged by terrorist attacks in recent months.

 

[Rubenov]

My oil-heavy portfolio liked the news.

 

[SpecX]

Great, California gas prices are going to skyrocket in the next few days back above $3.00.

 

[Fenderputty]

So how long until we see price hikes at the pump?

 

[derder]

Good. Gas needs to be $5/gallon asap

 

[Joni]

So Saudi Arabia is running out of money.

 

[Poetic.Injustice]

Too late, new shale oil drilling techniques mean oil prices will never go back to where they were several years ago.

 

[Vibranium]

Hopefully the Canadian dollar can get to like 85 cents again. I'll take $70 video games over what we have right now (80 bucks).

 

[perfectchaos007]

Good. Gas needs to be $5/gallon asap

Can you give me some money so I can afford the price hike?

 

[Tal Shiar Agent]

Couldn't this just end up giving American and Canadian companies a larger marketshare?

 

[Old Gimlet Eyes]

Good. Gas needs to be $5/gallon asap

I'd rather not pay more for gas and everything else that is affected by increased fuel prices (everything).

 

[GPsych]

This is awesome for me as I have a small oil interest in some property in the Eagle Ford shale play, but it will suck for the families I work with if gas prices go up.

 

[Wuthering_Heights]

Good. Gas needs to be $5/gallon asap

Look at Mr. Moneybags over here.

 

[perfectchaos007]

Look at Mr. Moneybags over here.

Or he has public transportation privilege. Not all of us work in the big city!

 

[Bowler]

Good. Gas needs to be $5/gallon asap

Can't tell if serious

 

[Rival]

Good of them to cut some. We need gas to be more expensive. Not $5 a gallon but higher than it is now.

 

[Malreyn]

So Saudi Arabia is running out of money.

That's what happens when you authorize American's to sue them...

 

[GameAddict411]

Good of them to cut some. We need gas to be more expensive. Not $5 a gallon but higher than it is now.

Why?!

 

[SpecX]

So Saudi Arabia is running out of money.

Getting ready for those incoming 9/11 lawsuits!

 

[winjet81]

Good news for Trump and his running mate, Putin.

 

[CrunchyFrog]

Good. Gas needs to be $5/gallon asap

people need to get their sarcasm detectors fixed

that or you are literally a robot

Good of them to cut some. We need gas to be more expensive. Not $5 a gallon but higher than it is now.

ok wait nevermind is this actually a thing?

 

[TheRealTalker]

Iran and co not backing away will just mean that oil prices will still be low

I wonder if Russia will also cut production

 

[ratcliffja]

Why?!

More incentive for electric/hybrid vehicles so help reduce greenhouse gases I would assume.

 

[johnny956]

Why?!

My assumption is that the person hopes gas prices up so it causes other energy sources to accelerate

edit: beaten

 

[sasliquid]

As someone who doesn't drive this is good. The environment important, keep it in the ground

 

[Phantast2k]

Too late, new shale oil drilling techniques mean oil prices will never go back to where they were several years ago.

Also Iran, who are basically rushing into the market after the lifted sanctions, is not participating. So this will probably (and hopefully) have no lasting effect.

 

[Rival]

Why?!

Because it helps drive our economy. When gas is more expensive oil companies spend more money on things like steel and heavy equipment which means big companies like caterpillar buy more steel because mining companies need more heavy equipment. So while cheap gas is good for the average persons pocketbook it's also hurting the economy as a whole.
Bad for the environment yes but also good for the economy.

 

[infinitys_7th]

Because it helps drive our economy. When gas is more expensive oil companies spend more money on things like steel and heavy equipment which means big companies like caterpillar buy more steel because mining companies need more heavy equipment. So while cheap gas is good for the average persons pocketbook it's also hurting the economy as a whole.
Bad for the environment yes but also good for the economy.

Just break that window! The glazier needs a buck.

 

[BobTheFork]

Good. Gas needs to be $5/gallon asap

I'll send you the bill

 

[TheRealTalker]

As someone who doesn't drive this is good. The environment important, keep it in the ground

cutting production will lead to higher oil prices which will lead to fracking and tar sands being profitable again

but seeing as some countries like Iran and Nigeria aren't taking part in lowering production I don't assume we will see prices actually rising significantly again

likely Iran in particular will try to meet demand