Reuters: OPEC reaches deal to cut oil production

OPEC has reportedly reached an agreement on oil production cut during its meeting in Vienna on Wednesday.

While there is no official confirmation as of yet, Reuters has informed, citing unnamed source that OPEC members have agreed to implement the output cuts they’d agreed on in Algiers in September.

To remind, OPEC members in Algiers on September 28, agreed in principle on a new production target range of 32.5 million barrels per day, which should speed up the drawdown of the stock overhang and bringing the market rebalancing forward.

The current production levels reportedly stand at around 33.6 million barrels a day. If this turns out to be true, the production cut deal would be a first such OPEC agreement since 2008.

Update: OPEC agrees first output cut since 2008, details unclear

Offshore Energy Today Staff

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