U.S. Markets closed

What OPEC Agreement Means for Oil Stocks

Gary Ashton

WTI prices were up 5.66% to $69.25 per barrel on Friday alone as OPEC pledged to increase production by less than the market feared. Nigeria's Minister of State Petroleum Resources said OPEC will add up to 700,000 barrels per day (b/d). The agreement also allows other OPEC partners like Russia to ramp up production, for a total collective increase in output of 1.0 million barrels per day (mb/d).