OPEC reaches pre­lim­i­nary ac­cord to curb oil out­put

Baltimore Sun - - ELECTION 2016 - —As­so­ci­ated Press

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.

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