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.