As part of this cost cutting campaign, some 400,000 workers were let go, and major projects that did not meet profitability criteria were either canceled or deferred.Further, OPEC and other oil producing nations began to rein in production from existing sources. In other words, low prices brought about a self correction in the market. The summary of a November 16, 2017, Bloomberg article entitled OPEC and Its Allies Make Big Gains in Curbing Oil Output concluded:After 10 months of data, the verdict is clear: OPEC and allied nations are serious about curbing output.With demand continuing to grow by 1.5 million barrels per day (bpd) in 2017 and moderating to 1.3 million bpd in 2018 according to the IEA, prices have begun to recover or at least stabilize at a new, higher level.
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