OPEC agrees to oil production cut: sources
Posted Sep 28, 2016 1:05 pm.
This article is more than 5 years old.
Reports say OPEC ministers have agreed to a production cut.
They’ll reportedly limit output to 32.5 million barrels a day, a 700,000 barrel reduction.
The news has sent oil surging up more than $2.00. It has closed the trading day in new york at $47.05 US a barrel, an increase of $2.38.
That’s the highest gain in dollar terms since April.
There is a catch though, sources say the deal wouldn’t take effect until November.
There have been calls for months for OPEC to curb production and on Tuesday, Iran said it wasn’t on board with a reduction.
