OPEC agrees to cut output by 1.2 million barrels per day
Baghdad / term
Algeria was a member of the "OPEC" has proposed to define a new roof for production at 32.5 million barrels a day, compared with 33.6 million barrels per day at present. The Iraqi oil minister Jabbar Allaibi consult the Prime Minister Haider al - Abadi in the proposal would reduce production from OPEC.
Oil prices jumped nearly eight percent on Wednesday in conjunction with some of the top oil producers in theworld meeting in Vienna to agree on a cut in production.
By 1201 GMT , ascended International benchmark Brent crude futures to $ 3.76 to $ 50.14 a barrel , heading towards record biggest one- day change in nine months. Futures rose for WTI US median of $ 3.55 to $ 48.78 a barrel.