OPEC AGREES TO CUT PRODUCTION FOR FIRST TIME SINCE 2008
Sep 28, 2016
By Bob Komsic
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The Organization of Petroleum Exporting Countries (OPEC) has reportedly agreed to cut its oil output for the first time in eight years.
The group’s leader Saudi Arabia is softening its stance amid mounting pressure from low crude prices.
Iran’s oil minister said ”OPEC made an exceptional decision,” without giving any details.
How much each country member will produce is to be decided at the next formal meeting in November, when an invitation to join cuts could also be extended to non-OPEC countries like Russia.
OPEC will reportedly reduce output to 32.5-million barrels per day from 33.24-million.
Saudi Arabia’s by far the largest producer with output of more than 10.7-million barrels per day, on par with the U.S. and Russia.