Oil prices have doubled in a year. Here's why

The article discusses the significant increase in oil prices over the past year. Key points: - Crude oil prices have more than doubled, rising from a low of $26 per barrel in February 2016 to the current levels. - This price surge is driven by several factors, including OPEC's production cuts, stronger global demand, and reduced oil inventories. - OPEC, led by Saudi Arabia, agreed to cut production by 1.8 million barrels per day in an effort to reduce the global oversupply and boost prices. - Stronger economic growth, particularly in China and other emerging markets, has increased global oil demand. - Additionally, declining oil inventories, due to the production cuts and higher demand, have contributed to the price increase. - Analysts expect oil prices to continue rising, potentially reaching $60 per barrel or higher, as the market rebalances. The article provides a concise overview of the key reasons behind the significant rise in global oil prices over the past year.