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

    The oil price is expected to stay at 50 USD/barrel

    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.

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