OPEC reaches preliminary accord to curb oil output
OPEC nations reached a preliminary accord Wednesday to curb oil production for the first time since the global financial crisis eight years ago, pushing up prices that had sunk over the past two years and weakened the economies of oil-producing nations. Mohammed Bin Saleh Al-Sada, Qatar’s energy minister and current OPEC president, announced the deal after several hours of talks in the capital of Algeria. The levels must be finalized at an OPEC meeting in Vienna in November. The preliminary deal will limit output from the OPEC nations to between 32.5 million and 33 million barrels per day, he said. Current output is estimated at 33.2 million barrels per day. Benchmark U.S. crude jumped $2.38, or 5.3 percent, to $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.