Why oil prices are climbing

The following factors are driving up global oil prices.

Oil Price Outlook For 2019, By Analyst

A Consulting Director of Energy at HIS Markitt, Vinod Raghothamarao, says the Vienna Alliance of OPEC and non-OPEC oil producers decided in December 2018 to reduce oil supply from October levels by a collective 1.2mmbpd starting in January 2019, effectively reversing a supply expansion of 1mmbpd that was agreed at its last meeting in June.