OPEC has agreed to slash output for the first time in eight years... after two days of round-the-clock talks in Algeria.
Oil prices got a healthy bump on news of the surprise breakthrough.
Park Jong-hong reports.
The oil cartel has reached a consensus that unless they cut production, petroleum prices will not likely go back up.
Two sources within OPEC were cited by the media as saying that the oil producing nations are estimated to collectively reduce their output to 32-and-a-half million barrels a day from the current 33-point-two-four million.
But the exact reduction amount won't be announced until at least November 30th when OPEC meets again in Vienna,... and after a committee is formed to study how to carry out the cuts.
Oil prices surged upon news of OPEC's decision.
Brent crude spiked almost six percent, nearing 49 U.S. dollars a barrel.
U.S. West Texas Intermediate jumped five-point-four percent to slightly over 47 dollars, its highest point in three weeks.
The meeting in Algiers didn't include Russia, which is the world’s largest producer of crude oil.
Although it isn't a member of OPEC, sources say Moscow has been involved in talks about jointly reducing production.
The 14-nation cartel controls over a third of the world's crude output and slumping oil prices have been a massive toll on their economies.
Park Jong-hong, Arirang News.
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