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Expert Views – OPEC reaches first deal to cut oil output since 2008 | Reuters

Firstpost Wednesday, 30 November 2016 ()
LONDON The world's largest oil exporters agreed on Wednesday to cut output for the first time in eight years to erode a global supply overhang that has persisted for two years and halved the value of a barrel of crude.The Organization of the Petroleum Exporting Countries said it would agree to limit crude oil output to a maximum of 32.5 million barrels per day starting Jan. 1 for six months.

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News video: OPEC agrees output cut - sources

OPEC agrees output cut - sources 01:19

OPEC has agreed its first limit on oil output since 2008, sources in the producer group told Reuters. David Pollard reports.

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