Urgent OPEC agrees to freeze oil production

2016/9/28 22:04

[Oan- follow-up]

Two sources said the Organization of Petroleum Exporting Countries [OPEC] The organization on Wednesday agreed to cut oil production to 32.5 million bpd from the current level of around 33.24 million barrels per day.

The two sources told Reuters added that the organization will agree on specific standards for the production of every state in the next meeting, the official in November.

Another source also said that once access to the target level of production, OPEC will seek to independent producers cooperation.

Oil prices surged more than 5 percent in trading after reaching meeting in Algeria to lay the groundwork for an agreement to curb production in November.

The informal meeting of the Organization of Petroleum Exporting Countries (OPEC) began in Algeria, amid the decline in the severity of the Saudi - Iranian cramping, which was cut off any hope in the possibility of reaching an agreement restores balance to the oil markets.

Two sources said the OPEC The full details will not be disclosed before the official meeting in November.