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OPEC Agrees to First Oil Output Cut in Eight Years

OPEC Agrees to First Oil Output Cut in Eight Years

Frank Rabusic
Frank Rabusic

Following the unexpected announcement by OPEC on the evening of 28th September 2016, during talks held on the side-lines of the International Energy Forum in Algiers, that they reached an agreement to limit production by 700,000 bpd to a range of 32.5-33.0 mbpd, both Brent crude and WTI crude oils settled up more than 5%, hitting the highest levels in the last 2 weeks.

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