OPEC reaches preliminary accord to curb oil production
Source: San Francisco Chronicle
"OPEC nations reached a preliminary agreement Wednesday to curb oil
production for the first time since the global financial crisis
eight years ago, pushing up prices that had sunk over the past two
years and weakened the economies of oil-producing nations. The deal
was reached after several hours of talks in the Algerian capital,
though output levels must still be finalized at an OPEC meeting in
Vienna in November. The preliminary deal will limit output from the
Organization of the Petroleum Exporting Countries to between 32.5
million and 33 million barrels per day, said Mohammed Bin Saleh
Al-Sada, Qatar's energy minister and current president of OPEC.
Current output is estimated at 33.2 million barrels per day."
(09/28/16)
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