The oil cartel Opec has agreed its first supply cut in eight years in order to boost the price of oil.<\/p>\n
Mohammed Bin Saleh Al-Sada, Opec’s president, said a cut of 1.2 million barrels a day would start from January.<\/p>\n
It comes after more than two years of depressed oil prices, which have more than halved since 2014, due to a supply glut on the market.<\/p>\n
The price of Brent crude jumped 10% to $51.94 a barrel, and US crude rose 9% to $49.53.<\/p>\n
In addition to the production cut by Opec members, non-Opec countries will be expected to reduce production by 600,000 barrels a day, according to Mr Al-Sada.<\/p>\n
He did not list which countries these might be, beyond saying Russia was prepared to cut 300,000 barrels from its output of more than 10 million barrels a day.<\/p>\n
“This agreement comes from a sense of responsibility from Opec member countries and non-Opec member countries for the general well-being and health of the world economy,” he said.<\/p>\n
The deal comes after oil ministers agreed to a cut in principle in September, which would have limited output by about 700,000 barrels a day while allowing Iran to increase production.<\/p>\n
But disagreements between Saudi Arabia – the world’s biggest oil producer – and Iran led to doubts an agreement would be secured.<\/p>\n","protected":false},"excerpt":{"rendered":"
The oil cartel Opec has agreed its first supply cut in eight years in order to boost the price of oil. Mohammed Bin Saleh Al-Sada, Opec’s president, said a cut of 1.2 million barrels a day would start from January. It comes after more than two years of depressed oil prices, which have more than halved since 2014, due to a supply glut on the market. The price of Brent crude jumped 10% to $51.94 a barrel, and US crude rose 9% to $49.53. In addition to the production cut<\/p>\n","protected":false},"author":4,"featured_media":4301,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/posts\/4300"}],"collection":[{"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/comments?post=4300"}],"version-history":[{"count":1,"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/posts\/4300\/revisions"}],"predecessor-version":[{"id":4302,"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/posts\/4300\/revisions\/4302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/media\/4301"}],"wp:attachment":[{"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/media?parent=4300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/categories?post=4300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.banglanewsus.com\/english\/wp-json\/wp\/v2\/tags?post=4300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}