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OPEC reaches first deal to Cut oil output
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OPEC reaches first deal to Cut oil output

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Image result for OPEC reaches first deal to Cut oil outputThe Organisation of petroleum exporting countries (OPEC) has reached it’s first deal to cut its oil output.

Past attempts to reach an output deal have been complicated by political rivalry between Iran and Saudi Arabia, which are fighting several proxy-wars in the Middle East, including in Syria and Yemen.

Saudi Arabia has offered to reduce output to ease a global glut only if every other OPEC and non-OPEC producer followed suit.

Iran has argued to be exempted from such limits as its has to recover production after the lifting of EU sanctions earlier this year.

The amount of oil each country will produce would be decided at the next formal meeting in November.

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