OPEC agrees to cut oil production to 32.5M barrels a day
Friday, December 9, 2016
The Organization of Petroleum Exporting Countries reached a deal at the end of November, which included all 14 member countries, to cut oil production for the first time since 2008, according to CNBC.
Since midway through 2014, oil prices have dropped by more than half due to global oversupply and U.S. shale production. The new limit brings overall production from 33.8 million barrels a day to 32.5 million bpd in an effort to lift prices.
OPEC’s production cuts are estimated to erase about one percent of global output.
OPEC members are poised to meet with non-OPEC producers today to discuss a curtailment of current output outside the organization. OPEC is hoping for 600,000 bpd to be cut from non-OPEC countries.
Learn more: CNBC > OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers
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