At the end of September, the Organization of Petroleum Exporting Countries (OPEC) surprised the markets by agreeing to a production cut. As soon as the 14-nation deal was announced, oil prices jumped more than 5 percent to some of the highest levels since the crash two years ago.
The proposed output cap is historic and represents a shift in the "pump-at-will policy," as Bloombergcalled it, "the group adopted in 2014 at the instigation of Saudi Arabia."
