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12

OPEC To Cut Oil Prices

OPEC aims to cut oil supplies after a deal on Monday

OPEC aims to cut oil supplies after a deal on Monday that pulls its production back within its official limit, paving the way for a deeper cut early next year when peak winter demand has passed.

The Organization of the Petroleum Exporting Countries agreed to retain its official 28 million barrels per day ceiling, but rein in excess output to keep within that limit.

The deal would mean a reduction of 200,000-300,000 bpd, a drop in the ocean for the 84 million bpd global oil market even if wayward OPEC producers adhere to it. But the move could set the stage for a bigger cut.