OPEC Agrees to Limit Oil Output at 32.5 Million Barrels per Day

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29 September 2016 10:47 WIB

Algerian Prime Minister Abdelmalek Sellal, right, confers with Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia, center, as they stand for a group photo, prior to the opening of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. OPEC agreed on Wednesday to reduce its oil output to 32.5 million bpd from the current production levels of around 33.24 million bpd, two OPEC sources told. The producing group will agree concrete levels of production by each country at its next formal meeting in November, the sources said. AP/ Sidali Djarboub

29 September 2016 00:00 WIB

Energy ministers from OPEC and other oil-producing countries attend the opening session of the15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. OPEC nations reached a preliminary agreement Wednesday to curb oil production for the first time since the global financial crisis eight years ago, in an effort to reduce a global glut of crude that has depressed oil prices for more than two years and weakened the economies of oil-producing nations. AP/ Sidali Djarboub

29 September 2016 00:00 WIB

Iran's Oil Minister Bijan Namdar Zanganeh, center right, attends the opening session of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. Iran had been resistant to cutting production, as it's trying to restore its oil industry since emerging from international sanctions over its nuclear program earlier this year. According to Wednesday's deal, Iran will be allowed to increase production to 3.7 million barrels a day, according to Algerian participants at the meeting. It is currently estimated to be pumping around 3.6 million but had been aiming for 4 million per day. AP/ Sidali Djarboub

29 September 2016 00:00 WIB

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia answers questions as part of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. The preliminary deal will limit output from the Organization of the Petroleum Exporting Countries to between 32.5 million and 33 million barrels per day, said Mohammed Bin Saleh Al-Sada, Qatar's energy minister and current president of OPEC. Current output is estimated at 33.2 million barrels per day. AP/Sidali Djarboub

29 September 2016 00:00 WIB

Energy ministers from OPEC and other oil-producing countries attend the opening session of the15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. OPEC agreed on Wednesday to reduce its oil output to 32.5 million bpd from the current production levels of around 33.24 million bpd, two OPEC sources told. The producing group will agree concrete levels of production by each country at its next formal meeting in November, the sources said. AP/Sidali Djarboub

29 September 2016 00:00 WIB

Energy ministers from OPEC and other oil-producing countries pose for a group photo prior to the opening session of the15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016. Benchmark U.S. crude jumped $2.38, or 5.3 percent, to close at $47.05 a barrel in New York. Brent crude, the international standard, was up $2.72, or 5.9 percent, to $48.69 a barrel in London. Long-running disagreements between regional rivals Saudi Arabia and Iran had dimmed hopes for a deal at Wednesday's talks. AP/Sidali Djarboub

29 September 2016 00:00 WIB