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. SHARE THIS STORY USING ANY OF THE BUTTON BELOW ⬇ PLACE YOUR TEXT ADVERT BELOW ⬇⬇⬇
Family Reveals Natural Cure For Staphylococcus, Syphilis, Gonorrhea And Other Related Infections. Click Here To See How New Discovery! Miracle Device That Cures DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs