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OPEC reaches deal to cut output

Nov 30. 2016
OPEC ministers attend a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at the OPEC headquarters in Vienna, Austria on November 30, 2016. / AFP PHOTO
OPEC ministers attend a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at the OPEC headquarters in Vienna, Austria on November 30, 2016. / AFP PHOTO
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By Agence France-Presse

VIENNA - The OPEC oil cartel reached a deal Wednesday to reduce its output for the first time in eight years, Qatar's energy minister and president of the OPEC conference said.

The reduction by OPEC will be "1.2 million barrels per day, to bring its ceiling to 32.5 million barrels per day," Mohammed Bin Saleh Al-Sada told a news conference in Vienna.

He said that non-member Russia has committed to reducing its output by 300,000 barrels per day, half of a hoped-for 600,000 barrels per day from outside the cartel.

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