OPEC announced a deal to cap production from 33.2m to 32.5m barrels a day at the end of September. This caused oil prices to rise above $53, their highest point this year. However, there has been a debate about how effective the deal will be and how long it is expected to last. It was announced on 12th October that the deal would last six months during the winter season, which, regardless of any deal, will expect a natural fall in production. The brevity of the deal should limit its ability to reduce global supply, especially if US shale producers can consolidate their operations. The future of the oil industry remains uncertain, which will no doubt limit any substantial price increase on the horizon. It seems that the oil exporting nations will need to reach more decisive deals to create any long-lasting impact on the global economy.