Tag: oil cartel

OPEC agrees to cut production

(Reuters) — The first of its kind in eight years: OPEC finally agreed to cut output. Taking the biggest hit: OPEC’s largest pumper, Saudi Arabia. It’ll account for nearly half of the cartel’s deal to curb output by 1.2 million barrels a day from the current 33.6 million barrels. What’s more, non-OPEC producers, like Russia, agreed to reduce output as well. Combined, the cuts will amount to two percent of global production. “This is a […]