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OPEC agrees to slash output for first time since 2008
29 Sep 2016
The OPEC has agreed to cut production for the first time in eight years, easing worries of a global supply glut in the energy commodity, spurring a rally in international crude oil futures to a three-week high on Thursday.

The OPEC, a cartel which accounts for about 40 per cent of global crude supplies, at an informal meeting in Algiers on Wednesday, agreed in a preliminary deal to cut output to a range of 32.5 million to 33 million barrels per day.

Iran will be exempt from capping output, while some details of the production cut are still to be worked out with the individual production cut targets for each country to be decided only in end-November when the OPEC meets.

WTI Crude for the November 2016 contract climbed 0.19 per cent to USD 47.14 per barrel.

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