Crude oil prices are rising. This is a result of coordinated production cuts by major oil-producing nations, such as the Organization of the Petroleum Exporting Countries (see below) and Russia, which have been ongoing since January 2017. However, if prices continue to rise, it could put a damper on the robust world economy, resulting in decreased oil consumption. Oil producers are discreetly searching for an exit from production cuts. Threefold rise U.S. West Texas Intermediate (WTI) crude futures have risen to about $70 per barrel, nearly triple the bottom price seen in February 2016 (see chart 1). The largest factor for the turn toward rising prices is the deliberate cut in production, amounting to a reduction of 1.8 million barrels a day, by major oil-producing nations including OPEC members, such as Saudi Arabia, Iran and Iraq, and non-OPEC member countries such as Russia, Oman and Azerbaijan. Greater than expected […]