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Oil prices are rising, thanks to the OPEC agreement renewal

On Friday after the OPEC reports about the renewal of the agreement about the reduction of oil production, oil prices showed a positive trend. This decision is largely due to the fact that the USA continues to increase the oil production, destabilizing the situation on the market.

Today the oil reserves remain high in some exporting countries and especially in the USA. However, if the terms of the OPEC agreement about the reduction of oil production are saved, the oil market will achieve a balance in the long term. Experts expect that by the end of the 2018 year the global oil demand will exceed 100 million barrels per day.