OPEC clinched a deal to curtail oil supply and brought about its first cuts in eight years, Bloomberg News reports.
OPEC will reduce production by 1.2 million barrels a day to 32.5 million a day, a delegate said Nov.30 in Vienna, asking not to be identified as the decision isn’t yet public.
After weeks of often tense negotiations, the Organization of Petroleum Exporting Countries’ three biggest producers - Saudi Arabia, Iraq and Iran - resolved differences over sharing the burden of cuts to rein in supply for the first time since 2008.
Notably, it appears the Saudis accepted that Iran, as a special case, can raise production to about 3.9 million barrels a day. The agreement is also likely to include a reduction of about 600,000 barrels a day by non-OPEC countries.