OPEC agrees to limit oil output at 32.5 million barrels per day
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- TD Ameritrade (AMTD) to Acquire Scottrade in $4B Cash & Stock Deal
- Oil prices under pressure as Iraq resists joining output cut
- China Oceanwide to Acquire Genworth Financial (GNW) for $2.7B
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, May 30, 2016. REUTERS/Heinz-Peter Bader
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
ALGIERS (Reuters) - 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 Reuters.
The producing group will agree concrete levels of production by each country at its next formal meeting in November, the sources said.
One source also said that once production targets were reached, OPEC would reach out to non-OPEC producers for cooperation.
(Reporting by OPEC team; Editing by Gareth Jones)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Natural Gas Inventory +77 bcf vs +74 bcf Expected
- Indonesia must tell taxpayers its amnesty is the last - OECD
- U.S. government, MetLife set for rematch over 'too big to fail'
Create E-mail Alert Related CategoriesCommodities, ETFs, Reuters, Rumors
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!