OPEC Agrees on Oil Output Reduction

The Organisation of the Petroleum Exporting Countries (OPEC) has reached an agreement among its members on a reduction of oil output for the first time since 2008, reported Reuters, cited by Dnevnik daily.

The parameters of the agreement are similar to the ones outlined during informal talks in Algiers in September.

Algiers' initiative was for the limit of total oil output to be reduced by over 1 million barrels a day - from 33.6 million to 32.5 million.