The Organization of Petroleum Exporting Countries (OPEC) has reached a deal among all 14 member countries to curtail oil production for the first time since 2008, the oil-producing cartel announced from its headquarters in Vienna on Wednesday.

OPEC ministers confirmed it had secured a cut in its oil production from 33.8 million barrels a day (b/d) to 32.5 million b/d in an effort to prop up prices. Oil prices have fallen by more than half since mid-2014 due to global oversupply and booming U.S. shale production.Brent crude prices were up over 8 percent as the deal was announced, trading around $50.12 a barrel while WTI was also up over 8 percent and trading at approximately $48.97 a barrel.

The price of the Hydrocarbon Resin and Petroleum Resin from China market is going up quickly the moment the news issued from OPEC.We think it is just the beginning not the end from this week. Our proposal for customer is the earlier the better you hammer out the contract with your supplier if you have the recent purchasing plan.