OPEC: Agrees To First Supply Cut In 8 Years

U.S Crude Settles up 9.3% at $49.44 After OPEC Reached Output Cut Deal. OPEC Agreed To Cut Production To 32.5 Million Barrels Per Day.

WTI Crude Hourly Charts

wti-crude

Cuts Include Iraq Reducing Prodn By 2 Lk/bpd To 4.351 Mn/bpd From Jan. Saudi Arabia To Cut Prodn By Almost 4.86 Lk Bpd To 10.06 Mn Bpd.

Non-OPEC Member Russia Agreed To Cut Output By 300,000 Bpd.  OPEC Will Meet With Non-OPEC Producers On Dec 9

1 comment… add one
  • Satheesh

    What could be the reason for this ? After a long wait of 8 yrs?

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