Ali Abdul Salman 45[ltr] 09/29/2016[/ltr]
Officials said OPEC Reuters that OECD countries reached an agreement to reduce production to a range 32.5-33 million barrels per day in the talks held on the sidelines of theinternational energy Forum in Algeria.
the estimated OPEC 's current production at 33.24 million barrels a day.
he said Iranian oil Minister Bijan Zznkenh "We decided to cut production of about 700 thousand barrels per day. "
officials of the Organization, said that OPEC will agree production of each Member State levels at its meeting in Vienna on November 30. Having access to the level targeted byOPEC will seek the organization behind the support of independent producers to help ease oversupply.
The price of the global London Brent crude to $ 2.72 , or 5.9 percent , to $ settle at US $ 48.69 a barrel , after reaching its highest level in more than two weeks at $ 48.96 a barrel .
ascended WTI US mediator 2.83 , or 5.3 percent , to $ settle at US $ 47.05 a barrel , after itshighest level since the eighth of September record at $ 47.45 a barrel.
the extended rally in oil to the stock market where climbed energy stock index on Wall Street four percent to record the biggest daily gains since January.
oil prices fell to less than half its level in mid - 2014 when it was above $ 100 a barrel , with the rise of shale oil production in the United States as well as an abundance of other global supply and production of OPEC.