After a week fraught with concerns that the gaps between certain OPEC members were too wide to bridge, the news of a plan to cut 1.200 million barrels of production to help offset the ongoing supply imbalance was enough to send oil prices surging higher by near double digit rates. The deal, which is set to take effect January 1st, sees the biggest cuts shouldered by Iraq and Saudi Arabia while Libya and Nigeria were granted exemptions. Adding to the optimism was news that Russia plans to participate by reducing output up to 300,000 barrels per day in the first half of 2017. To ensure compliance, Kuwait, Algeria, and Venezuela are set to monitor the deal to make sure quotas are not exceeded. WTI are currently flirting with the $50.00 level after failing to cross the level on Wednesday.