I trade oil occasionally, but I'm still learning and if I understand this correctly, this news could be a catalyst for a price increase no, when production drops, once oil inventories drop, the price will rise. This week they've gotten low again so there could be some upside. It's been going nicely in cycles sideways for the last few months now, still from $70-80 since the new year, then the range widened to about $65-80. We'll see, it's not a recommendation, but we could be looking at a price around that $80 again. I see resistance there, which has been tested several times.

And what will result in a lower oil price?

I don't trade, rather I follow it in the context of energy stocks and ddpad on them.

I don't trade oil, I'd like to do a small position in Polish petrochemical company PKN Orlen, for me a great dividend yield and a great price. I don't even know what effect the OPEC statement has on these companies.

I don't even watch them anymore. I don't trade oil, but I do look at the chart occasionally. Right now it's still in a nice sideways trend, so maybe this bounce will move the price.