OPEC agrees to curb oil output
Published: Wednesday, 30 November 2016
Following a ministerial meeting in Vienna, the organisation has announced it will reduce output to 32.5m barrels a day. The much-needed supply cuts could pave the way for an uptick in oil prices, which in turn could help to boost oilfield mineral consumption.
The Organization of the Petroleum Exporting Countries (OPEC)
has agreed a deal to curtail oil supply for the first time in
eight years following a ministerial meeting in Vienna.
Iranian Oil Minister Bijan Namder Zanganeh told reporters in
Vienna today that OPEC plans to reduce output to 32.5m barrels