The Organization of Petroleum Exporting Countries (OPEC) has reached a deal amongst all 14 member countries to curtail oil production for the first time since 2008, the oil-producing cartel announced from its headquarters in Vienna on Wednesday.
OPEC ministers confirmed it had secured a cut in its oil production from 33.8 million barrels a day (b/d) to 32.5 million b/d in an effort to prop up prices. Oil prices have fallen by more than half since mid-2014 due to global oversupply and booming U.S. shale production.
Brent crude prices were up over 8 percent as the deal was announced, trading around $50.12 a barrel while WTI was also up over 8 percent and trading at approximately $48.97 a barrel.
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