Live UpdateFrom the Liveblog of Wednesday, November 30, 2016

OPEC reaches deal to cut oil output

30 November 2016, 6:35 pm 0 Edit

The OPEC oil cartel reaches a deal to reduce its output for the first time in eight years, Qatar’s energy minister and president of the OPEC conference says.

The reduction by OPEC will be “1.2 million barrels per day, to bring its ceiling to 32.5 million barrels per day,” Mohammed Bin Saleh Al-Sada tells a news conference in Vienna.

He says that non-member Russia has also committed to reducing its output by 300,000 barrels per day, half of a hoped-for 600,000 barrels per day from outside the cartel.

The move aims to stabilize the global oil market, NPR reports.

— AFP