Oil prices spiked on Friday after OPEC+ announced a last minute agreement to cut production by 1.2 million bpd starting in January 2019.

Following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, the OPEC and non-OPEC Ministerial Meeting decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively.

Prices spiked by more than 4 percent when an agreement was announced. 

Trump administration to roll back sage grouse protections
On Thursday, the Trump administration announced plans to roll back protections on the sage grouse, effectively opening up 9 million acres of federal lands to mining and drilling. The move would open up more land than any other policy change to date, according to the New York Times. The proposal is expected to be finalized next year.