Oil jumps 6% after OPEC reached an agreement to rein in production
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    Oil jumps 6% after OPEC reached an agreement to rein in production



    Oil jumps 6% after OPEC reached an agreement to rein in production

    09/29/2016
    Twilight News / stepped up oil prices about six percent at the settlement on Wednesday after reaching the Organization of the Petroleum Exporting Countries (OPEC) to agree to curb crude production in the formal meeting in November, the first agreement of the organization to cut production since 2008 after the collapse of the market due to oversupply .
    OPEC officials said the cartel had reached an agreement to reduce production to a range 32.5-33 million barrels per day in the talks held on the sidelines of the International Energy Forum in Algeria.
    The estimated current OPEC output at 33.24 million barrels per day. He said Iranian Oil Minister Bijan Zanganeh "We decided to cut production of about 700 thousand barrels per day." Organization officials said that OPEC will agree with the production of each Member State levels at its meeting in Vienna on November 30. Having access to the target level, OPEC will seek the organization behind the support of independent producers to help ease oversupply. The price of the global London Brent crude to $ 2.72, or 5.9 percent, to reach a settlement at US $ 48.69 a barrel, after reaching its highest level in more than two weeks at $ 48.96 a barrel. And ascended WTI US mediator 2.83, or 5.3 percent, to reach a settlement at US $ 47.05 a barrel, after its highest level since the eighth of September record at $ 47.45 a barrel. And extended oil's rally to the stock market, where shares climbed energy index on Wall Street four percent, the biggest daily gain since January. Oil prices fell to less than half its level in mid-2014 when it was above $ 100 a barrel, with the rise of shale oil production in the United States as well as an abundance of other global supply and production of OPEC.

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    Last edited by angeleyes; 09-29-2016 at 07:52 AM. Reason: remove advertisement
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