Finally, and after a long tedious disagreement, OPEC countries agreed on terms for reducing out-put. In light of the OPEC countries agreement, that barely went through due to Iraq’s discontent, OPEC will reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices. OPEC will meet non-OPEC countries to finalize a global oil limiting pact on Dec. 10 in the Russian capital Moscow non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd. It is noted, that Russian president Vladimir Putin played a crucial role in helping both rivals Iran and Saudi Arabia to set aside their differences and set terms to save oil prices that has more than halved over the past 2 years. Oil prices are up 10% this week topping $53 a barrel.
