Opec yesterday agreed modest oil output cuts in the first such deal since 2008.
“Opec made an exceptional decision today… After two and a half years, Opec reached consensus to manage the market,” said Iranian Oil Minister Bijan Zanganeh.
He and other ministers said the Organisation of the Petroleum Exporting Countries would reduce output to a range of 32.5-33.0mn barrels per day.
Opec estimates its current output at 33.24mn bpd.
“We have decided to decrease the production around 700,000 bpd,” Zanganeh said.
The move would effectively re-establish Opec production ceilings abandoned a year ago.
However, how much each country will produce is to be decided at …read more
Source: Gulf times
