Saturday August 8, 2020

What does OPEC's output deal mean?

Agreement aimed at boosting battered finances of producer countries

30th November, 2016
OPEC move boost for oil producers. Pic: Getty

World oil prices have jumped after producer group OPEC agreed a deal to curtail supply, the first such agreement in eight years.

What we know about the deal

OPEC will reduce output to 32.5 million barrels a day, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna.

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