9 May 2024
OPEC agrees first production cut in eight years
Publication date: 29 September 2016
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The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production for the first time since 2008 in an effort to tackle oversupply.
At a meeting in Algiers on Wednesday, the oil cartel decided to lower output by roughly 2% to 32.5-33 million barrels/day. Following the news, front-month Brent crude prices rose by 6% to nearly USD 49/barrel.