Oil Prices Increase as OPEC Agrees to Reduce Output in November

Oil prices increase as OPEC agrees to reduce output in November. This is the first agreement since 2008 to cut production and after crude oil price crashed as a result of over supply.

The Organisation of the Petroleum Exporting Countries (OPEC) has agreed to decrease output to between 32.5-33 million barrels per day. This was the outcome of the talks held in Algiers at the International Energy Forum.

According to OPEC, the current production is estimated to be 33.24million bpd (barrels per day).

New production levels will be agreed for each member state, group officials said. Non member countries would be reached for support in order to control the global supply of crude oil. This is the first time in a decade that OPEC and non-OPEC would come to an agreement.

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