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OPEC members have agreed on the outline of a deal that will reduce production for the first time in eight years.The deal was brokered during the talks in Algeria on Wednesday, which resulted from the softened stance of Saudi Arabia on its rival Iran on increasing pressure due to low oil prices.
Under the preliminary deal, OPEC will limit its oil supply to a range of 32.5 to 33.0 million barrels per day, decreasing the cartel's production by almost 700, 000 bpd from its current 33.24 million bpd output. The deal would effectively re-draw OPEC production limits it has deserted in the prior year.
Details on how much each nation will supply will be decided during the next official OPEC meeting in November. An invitation to join the output cuts could also be offered to oil producing countries which are not members of OPEC.
