OPEC and Russia Will Cut 1.2 Million Barrels per Day for 6 Months

OPEC and Russia have agreed to a 1.2 million barrel per day production output cut. World Oil production is just over 100 million barrels per day, so this is a 1.2% global cut. This is about 3% cut for OPEC and Russia combined.

Oil prices went up about 5%.

This seems like it just gives more room for oil produces in Texas and other places. The US oil production appears ready to increase 2 million barrels per day in 2019 and another 2 million in 2020.