OPEC agrees oil output cuts

OPEC agrees oil output cuts
# 30 November 2016 15:03 (UTC +04:00)

Baku – APA-Economics. The Organization of the Petroleum Exporting Countries has agreed its first oil output cuts since 2008, an OPEC source told Reuters on Wednesday, Reuters reported.

The source said the agreement was in line with an accord reached in Algiers in September. OPEC member Algeria was proposing to set a new production ceiling at 32.5 million barrels per day, down from current levels of 33.6 million.

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