OPEC agrees to cut oil output by 1.2 million barrels per day

Baku. 30 November. REPORT.AZ/ OPEC has reached a deal Wednesday to cut oil output by 1.2 million barrels per day.

According to Bloomberg, OPEC will cut oil production by 1.2 million barrels a day to 32.5 million a day.

Thus, the oil price is expected to stay at 50 USD/barrel

This is the first time that the organization has agreed to cut oil output since 2008. 

In September, OPEC members reached a preliminary deal in Algeria to cap oil production at 32.5-33 million barrels per day.