30 Nov 2016

OPEC Seals Deal, Crude Oil Price Breaks $50 Barrier

OPEC has agreed its first limit on oil output since 2008, an OPEC after Saudi Arabia said it was prepared to accept cut on production and agree to arch-rival Iran freezing output at pre-sanctions levels.

An Organization of the Petroleum Exporting Countries, OPEC source told Reuters that members have agreed pon 1.2 million barrel per day on output cut.

Brent crude futures LCOc1 jumped 8 percent to more than $50 a barrel on hopes Riyadh had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut.

A source said the Organization of the Petroleum Exporting Countries had on Wednesday agreed a deal in line with an accord the group reached in Algiers in September.

OPEC member Algeria was proposing to set a new production ceiling at 32.5 million barrels per day, down from current levels of 33.6 million.

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