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…
READ MORE : http://www.euronews.com/2016/11/30/opec-agrees-first-production-cut-in-eight-years
euronews business brings you latest updates from the world of finance and economy, in-depth analysis, interviews, infographics and more
Subscribe for daily dose of business news: http://bit.ly/1pcHCzj
Made by euronews, the most watched news channel in Europe.