OPEC President Chakib Khelil, said that the OPEC meeting this week will likely come to the decision to cut production by “way more” than 1 million barrels.
The reason he gave for such a high cut was that global stock piles are so high.
The cut would combat reduced demand as well as the increase in supplies. He quoted the Saudi Arabian oil minster saying $75 a barrel is a fair price.
Right now, I’m just enjoying being able to fill up my car for less than $20. It helps when everything else is in the toilet to see some good news.