OPEC to cut production by 0.75 million barrels per day

The recent meeting of OPEC in Algiers have provided some hope for Oil & Gas workers as they members agreed to cut production in 0.75 million barrels per day. Though not much, it has caught traders by surprise, enough to rally the price of oil up.

There may not be an immediate effect on jobs but oil producers will be able to forecast new projects. Hopefully by 2Q17, the crisis caused by this turmoil will be over.