Oil prices rise to highest level since November 2018; Check reasons
The Organization of the Petroleum Exporting Countries (OPEC), as well as some non-affiliated producers like Russia, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling more.
Further pushing up crude prices have been U.S. sanctions against oil exporters and OPEC-members Iran and Venezuela. Image source: Reuters