OPEC agreed to reduce oil production
After reducing the level of oil production should reach 32.5 million barrels per day.
At the meeting in Vienna, OPEC agreed to reduce oil production from 1 January 2017 to 1.2 million barrels per day, according to Bloomberg.
According to the Agency, after reducing the level of oil production will amount to 32.5 million barrels per day.
Saudi Arabia agreed to limit production to the level of 10.06 million barrels per day (from 10.54 million in October).
It is noteworthy that the OPEC countries agreed to limit oil production to the same numbers in September.
However, in October, the world produced a record amount of oil to 33.8 million barrels per day.
OPEC is an international organization created by oil producing countries (Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola and Indonesia) in order to control the production quotas of oil.