During a meeting in the capital of Algeria, OPEC reached an agreement for the first time in eight years to cut raw materials production. The daily production limit should be limited to 32.5 million barrels, which is 750 thousand. barrels less than in August.
This decision is by prior arrangement. The final result will be announced at the end of November during the official meeting of the cartel in Vienna.
The market's reaction to the news on oil production limitation was immediate. The price of North Sea Brent crude for November delivery rose 6.5 percent to $ 48.96 a barrel (159 liters).
OPEC includes 14 countries, including Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Iraq, Iran and Nigeria. OPEC controls about 40 percent of the world's oil production and most of the known natural gas resources.
Russia, which does not belong to OPEC but is also one of the largest oil producers in the world, indicates its readiness to negotiate with OPEC on production cuts.
Subscribe to news

Metallurgy news
- Today
11:00 10:00 As part of the Fiztekh 2050 initiative, MIPT, Global University of Rybakov, Technonikol and Askona life Group launch a program for owners and top managers of industry-“Production 2050” 10:00 On the Day of Family, Love and Fidelity, we share a heartfelt video with our colleagues participating in the special project "Kinder than Steel" about the dynasties of metallurgists on July 13. 09:00 Prices for export of energy coal from Russia in the first half of 2025 fell to a minimum since 2020, the share of unprofitable companies reached 63% 08:00 Beenic thought of Belarus declared herself in the Urals 07:00 Nickel overtakes lithium as the most valuable metal for batteries for electric vehicles as prices fall 07:00 The History of Rare earths in China 07:00 Electric vehicles. Worldwide, more than a quarter of sales in 2025, and in China – more than half
Publications
03.07 02.07 How to choose furniture in the hallway: secrets of comfort and amenities at the very beginning of your home 30.06 The choice of summer rubber 01.07 Half -dimensional naivni pidlog: 01.07 Aerated concrete blocks from the company ceramic fest