Oil is developing a rapid rally to the joy of the world's largest oil producers. The efforts initiated by Saudi Arabia are bearing fruit, so prices are steadily growing. It was Saudi Arabia that put forward an initiative to unite the world's leading oil states aiming to reduce global oil production. As a result, parties signed an agreement known as OPEC+, which specified individual quotas of oil production.
The deal would not be so effective if Russia had not joined it. Thanks to combined actions, it was possible not only to stop the fall of oil prices but also to encourage their stable growth. Recently, Brent crude reached $65 a barrel for the first time since 2015. Apparently, the OPEC work is not over as in early December, the countries decided to extend the deal until the end of 2018 and also resolved the issue with Libya and Nigeria that were previously exempt from these obligations. Given these circumstances, we can hope that the cost of oil will continue to grow. The Russian ruble may join oil in its rally, however, it is still dragging significantly behind it.
