Opec states agree to cap output to raise oil price
OIL nations agreed to temporarily curb production in response to the global slump in prices at a summit in Algiers on Wednesday.
The Organisation of Petroleum Exporting Countries (Opec) summit in the Algerian capital defied the US by agreeing to limit production to between 25.5 and 33 million barrels a day, down from the current 33.2m.
Algerian Energy Minister Noureddine Boutarfa, who brokered the deal said: “The decision was unanimous, and without reservations.”
Opec’s agreement to cut oil production for the first time in eight years came as a surprise to oil traders due to the division’s... read more
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