OPEC agrees on modest oil production curbs with Saudi Arabia

opecOPEC agreed on modest oil output cuts in the first such deal since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.He and other ministers said the Organisation of the Petroleum Exporting Countries would reduce output to a range of 32.5-33.0 million barrels per day. It estimates its current output at 33.24 million bpd.

However, how much each country will produce is to be decided at the next formal OPEC meeting in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia. Many traders said they were impressed it had managed to reach a compromise but others said they wanted to see the details.

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