US oil prices have spiked 40% since Christmas Eve thanks to OPEC's aggressive production cuts
Crude's recovery from last year's bear market hit another milestone on Wednesday. Oil topped $60 a barrel for the first time since November 9.The dramatic rebound mostly reflects the effectiveness of the strategy implemented by Saudi Arabia-led OPEC. The oil cartel and its allies, including Russia, agreed last year to sharp production cuts in response to a supply glut formed in part by surging US output.
"Saudi Arabia is holding back flows," Smith said.OPEC and its allies announced on Monday they are canceling a planned meeting next month to discuss their production cuts. That decision was taken as a sign that the cuts will remain in effect for a longer period of time.One of America's biggest oil companies wants to be 'carbon neutral' -- eventuallyOPEC was burned last year when it ramped up production after the United States announced sanctions on Iran.
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