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.
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