After much debate, the OPEC+ group has finally reached an agreement on oil production for next year. Or at least for January. OPEC+ will, as a group, add in 500,000 barrels per day in January to its oil production quotas, which currently calls for a production cut of 7.7 million bpd. The total production cut in January will now just 7.2 million bpd. Future assigned quotas could rise or fall, and to determine those levels of oil production beyond January, OPEC+ ministers will hold additional meetings—one each month. The agreement is being…
