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OPEC reaches deal to cut output

AFP  |  Vienna 

The OPEC cartel reached a deal today 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 conference in Vienna.

He said that non-member 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 23:42 IST