For The First Time Since 2008, OPEC Cuts Output By 750,000 Barrels Per Day
23 views · Published 29 September 2016 · 0:57 · Indexed 26 September 2026
Channel: The Financial Express · 2016 · News & Politics
The Organisation of Petroleum Exporting Countries has agreed to cut production by 750,000 barrels a day, citing a delegation member. This news triggered an immediate spike of more than 5 per cent in crude prices. In London benchmark Brent North Sea crude for November delivery rose from USD 2.72 to USD 48.69, while in New York a barrel of West Texas Intermediate was up USD 2.38 to USD 47.05. According to Bloomberg, OPEC members, whose countries produce 40 per cent of the world’s crude oil, agreed to cut their output to 32.5 million barrels per day
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