Oil Prices are Soaring as More Oil-producing Nations to Cut Output

Countries outside of OPEC are now agreeing to cut oil output.
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Countries outside of OPEC are now agreeing to cut oil output. The Wall Street Journal reports the move is aimed at pushing the oversupplied oil market into a rebalance, or even a deficit, to prop up a crude market that has been stuck in a 2 year slump. Oil Prices are surging as a result, gaining more than 4%. The long time CEO of Exxon Mobil (XOM) looks like the lead pick for United States Secretary of State. Although not confirmed, reports are that Rex Tillerson is the likely choice of President-elect Donald Trump. Meanwhile, former Texas Governor Rick Perry is said to be on the shortlist for Secretary of Energy. Perry serves on the board of Energy Transfer Partners (ETP), the company behind the controversial pipeline project that was recently put on hold by the Obama Administration. Boeing (BA) completed a deal over the weekend to sell 80 jetliners to Iran. This is the first m ajor agreement between a U.S. company and the Islamic Republic since the election of Donald Trump, who is a critic of closer links between the countries.