Saudi Arabia announced its intention to cut its oil production in an effort to regain control of the oil market. After the announcement, oil climbed to its highest price since July 2015
Eleven non OPEC countries also reached a deal to reduce output by 558 thousand barrels a day for 2017. Those countries, including Saudi Arabia produce about 60 % of the crude oil throughout the world.
The announcement comes at a time when the United States' oil and gas markets have advanced and U.S. companies Exxon Mobil and Chevron posted 1.9% and 0.7% increases respectively. U.S. oil futures also showed gains of 20%.