OPEC to cut production by seven hundred and fifty thousand barrels per day
The Organization of Petroleum Exporting Countries has agreed to cut production by seven hundred and fifty thousand barrels a day, reducing its oil production to thirty-two-point-five million barrels per day from November. The agreement, which is the first in eight years, was reached in an informal meeting of the Organization in Algeria. The meeting in Algiers had on its agenda a proposal by Saudi Arabia for OPEC and non-OPEC producers to freeze their output at January levels. The announcement pushed up oil prices more than five percent to trade above forty-eight dollars per barrel. The OPEC is however yet to decide how much each country will produce in its next meeting in November.