Expert Views – OPEC reaches first deal to cut oil output since 2008
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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Oil prices rose to three-week highs on Monday amid expectations that OPEC is moving close to a deal to cut output when it meets next week.
Brent crude went up to 47.94 a barrel, its highest since the start of the month, a five-percent rally no doubt also fuelled by comments from the Russian...
After Sunday's latest meeting between OPEC and non-OPEC countries in Vienna, energy ministers struck an optimistic note regarding the recent agreement to cut oil... Zero Hedge - MarketsAlso reported by •Reuters India •Seattle Times
VIENNA (Reuters) - A committee of OPEC and non-OPEC countries responsible for monitoring compliance with a global agreement to reduce oil output is set to meet... Reuters India - BusinessAlso reported by •Seattle Times
MOSCOW (Reuters) - Russia has cut its oil output by around 100,000 barrels per day (bpd) in January as part of the global deal between Moscow and OPEC, Russian... Reuters India - BusinessAlso reported by •The Age