OPEC agrees first production cut in eight years - economy

01 Dec 2016 01:41 0
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The once all-powerful OPEC cartel has agreed its first production cut in eight years, creating a spike in the price of a barrel of crude on world markets.

However OPEC's cut depends on non-OPEC producers making cuts of their own. OPEC will meet the producers outside the cartel on December 9th.

Saudi Arabia will be making the biggest cuts, some 486,000 barrels a day.

Kuwait, Venezuela and Algeria have agreed to monitor the package.

The table #Opec #oott #oil pic.twitter.com/XT9Ho4Ythp&m…
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