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Thursday, 29 September 2016

OPEC agrees to modest oil output curbs in first agreement since 2008

OPEC agrees to modest oil output curbs in first agreement since 2008: OPEC agreed on Wednesday to make a small cut to output, in the first such agreement of its kind since 2008, Reuters reported. While oil prices jumped at the news, the proposed cuts of around 700k barrels of oil per day is not nearly as significant as the very fact that Saudi Arabia and Iran were able to reach a consensus in the first place. “OPEC made an exceptional decision today… After two and a half years, OPEC reached consensus to manage the market,” Reuters quoted Iranian Oil Minister Bijan Zanganeh as saying. The sticking point is that each country will define its production levels at the next OPEC meeting in November, which will be attended by non-OPEC members including Russia.

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