OPEC reaches first deal to cut oil output since 2008 - sources
OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd.
"OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," Iranian Oil Minister Bijan Zanganeh was quoted by Iran's SHANA news agency as saying,... read more
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