OPEC Agrees to Cut Output in Bid to Push Up Oil Price

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1 December 2016 08:57 WIB

OPEC President Qatar's Energy Minister Mohammed bin Saleh al-Sada and OPEC Secretary General Mohammad Barkindo address a news conference after a meeting of OPEC in Vienna, Austria, November 30, 2016. Breaking with years of inaction, OPEC agreed Wednesday to cut its oil output for the first time since 2008. The move effectively scraps its strategy of squeezing U.S. competition through high supply that had backfired by lowering prices and draining the cartel's own economies. REUTERS/Heinz-Peter Bader

1 Desember 2016 00:00 WIB

General view of a meeting of oil ministers of the Organization of the Petroleum Exporting countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 30, 2016. The reduction of 1.2 million barrels a day is significant, leaving OPEC's daily output at 32.5 million barrels. And OPEC President Mohammed Bin Saleh Al-Sada said non-OPEC nations are expected to pare an additional 600,000 barrels a day off their production. AP/Ronald Zak

1 Desember 2016 00:00 WIB

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 30, 2016. The combined cut will result, at least in the short term, in somewhat more pricey oil and, by extension, car fuel, heating and electricity. The international benchmark for crude jumped 8.3 percent, or $3.86, to $50.24 on Wednesday. AP/Ronald Zak

1 Desember 2016 00:00 WIB

Eulogio Del Pino Minister of Petroleum and Mining of Venezuela speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 30, 2016. With the production cut, OPEC will not only benefit from gaining more dollars per barrel. It can also lay claim once again to playing a part in influencing world prices. AP/Ronald Zak

1 Desember 2016 00:00 WIB

Suhail Mohamed Al Mazrouei, Minister of Energy of the United Arab Emirates, UAE, speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 30, 2016. And its tentative alliance with Russia and other non-OPEC nations may give it and them additional clout in future competition for market share with U.S. producers, which are sure to return in increasing numbers if crude prices move upward. AP/Ronald Zak

1 Desember 2016 00:00 WIB

Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of Qatar and President of the OPEC Conference talks with Mohammad Sanusi Barkindo, from left, OPEC Secretary General of Nigeria prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Nov. 30, 2016. Al-Sada said the OPEC cutback is to take effect Jan. 1, with consultations planned on the exact timing of the non-OPEC reductions. Russia alone is committed to taking 300,000 barrels a day off the market. AP/Ronald Zak

1 Desember 2016 00:00 WIB