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For the first time: OPEC agrees on a limited reduction in oil production since 2008
Date: 29/09/2016 10:01
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Organization of Petroleum Exporting Countries agreed (OPEC) on a limited reduction in oil production in the first agreement of its kind since 2008 with the establishment of Saudi Arabia the largest producer in the Organization to soften its stance toward rival Iran amid growing pressure from falling crude prices. He said Iranian Oil Minister Bijan Zanganeh, who disagreed repeatedly with Saudi Arabia in the previous meetings "have taken an extraordinary OPEC decision today ... After two and a half years, OPEC had reached a consensus on the management of the market."
Zanganeh said other ministers that OPEC will cut production to a range between 32.5 million and 33 million barrels a day. The estimated OPEC's current production rate of 33.24 million barrels per day.
The Iranian minister said, "We decided to cut production of about 700 thousand barrels per day."
The step taken by OPEC on Wednesday that the organization re actually to adopt a cap for the production, which dropped from a year earlier policy.
However, it will be determined by the level of production of each country in the next informal meeting of OPEC in November, when the Organization of independent producers such as Russia may also call for participation in the production cuts.
Oil prices jumped byhttp://almaalomah.info/2016/09/29/economic/90429 more than five percent to more than $ 48 a barrel at the settlement. He said many traders were happy that they boosted the OPEC to reach consensus after a dispute lasted years, but others said they wanted to see the details.
Phil Flynn, an energy analyst said the Price Futures Group, "This is the first agreement of OPEC in eight years. The organization has proven to be still play an influential role even in the age of oil shale. This is the end of the 'war production' and OPEC declares victory. "End quote / 25 m
http://almaalomah.info/2016/09/29/economic/90429
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