OPEC to reduce oil production by 1.2 million barrels a day

OPEC ministers confirmed it had secured a cut in its oil production from 33.8 million barrels a day (b/d) to 32.5 million b/d in an effort to prop up prices.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Commodities

Dec 01, 2016, 10.52 AM | Source: CNBC-TV18

OPEC to reduce oil production by 1.2 million barrels a day

OPEC ministers confirmed it had secured a cut in its oil production from 33.8 million barrels a day (b/d) to 32.5 million b/d in an effort to prop up prices.

Like this story, share it with millions of investors on M3

OPEC to reduce oil production by 1.2 million barrels a day

OPEC ministers confirmed it had secured a cut in its oil production from 33.8 million barrels a day (b/d) to 32.5 million b/d in an effort to prop up prices.

Post Your Comments

Share Cancel

| 1 Comments
In a first since 2008, the Organization of Petroleum Exporting Countries (OPEC) has reached a deal to cut oil production. In a meeting held in Vienna on Wednesday, the committe decided to cut oil production from 33.8 million barrels per day (bpd) to 32.5 million bpd. 

In a press conference after the meeting, OPEC said it will reduce production by 1.2 million barrels per day from January 1, 2017. 

Brent crude had spiked over 8 percent in anticipation of a cut today and was trading at USD 48.97 a barrel. 

In its meet in September in Algeria, OPEC had suggested a deal to cut production. 

Iraq will be reducing output by 200,000 bpd to 4.351 million bpd while non-OPEC member Russia will cut its output by 300,000 bpd.

OPEC will meet non-OPEC members in December again to discuss the situation.

The committee also said that Kuwait, Venezuela and Algeria will monitor compliance of the agreement.

The committee will meet again on May 25 to discuss and review the agreement. Depending on the situation that time, it could also extend it for another six months.

Watch video for more..

Buy, Hold, Sell ? Hear it first on M3
OPEC to reduce oil production by 1.2 million barrels a day

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login