Markets are up today. Probably due to some combination of news including earnings reports, higher oil and China “injecting liquidity into its banks”.
OPEC apparently wants a world-wide agreement for oil producers to cut supply. I believe nationally controlled oil producers in Russia and some other countries might be able to agree if they wanted to. North America producers are private companies and I believe it might be illegal for them to agree with other producers to cut production. Every industry would love to be able to openly collude and set production quotas to keep prices high. Free market economies do not allow that behavior (at least not openly, if done it must be done with a wink and a nod). To some degree I believe the OPEC countries are tired of being the group that curtailed production to keep prices high while all producers world wide benefited. Someday international agreements may make the likes of the OPEC price-fixing cartel illegal as well.