Oil prices rise 6% after Opec agrees to limit crude output

Discussion in 'Market News' started by Lily, Sep 29, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Energy shares bolstered by surprise news of oil producers’ first agreement to cut production since 2008

    Oil prices settled up nearly 6% on Wednesday after the Organisation of the Petroleum Exporting Countries (Opec) struck a deal to limit crude output. Its first agreement to cut production since 2008 follows a crash in the market on oversupply and will be finalised at its policy meeting in November.

    Opec reached agreement to limit its production to a range of 32.5m-33m million barrels per day (bpd) in talks held on the sidelines of the 26-28 September International Energy Forum in Algiers, group officials told Reuters. Opec estimates its current output at 33.24m bpd.

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