12.12.16

OPEC, non-OPEC Agree to Cut Oil Output to Boost Oil Prices

OPEC, non-OPEC Agree to Cut Oil Output to Boost Oil Prices


The Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC Russia, on December 10, 2016, reached a mutual agreement on their first deal since 2001, to jointly restrict oil production to control the excess global availability of the oil and thus boost oil prices. It is the first time in 15 years that a global pact has been struck.

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