OPEC agreed to reduce collective production to 32.5 million barrels per day, Iranian Oil Minister Bijan Namdar Zanganeh said in Vienna on Wednesday. “The market will no longer see a sudden plunge in oil prices,” Kiwoom Securities Co market strategist Seo Sang-young said by telephone from Seoul. Saudi Arabia, which raised oil production to a record this year, is to reduce output by 486,000 barrels to 10.058 million per day, an OPEC document shows. Full compliance with stated output targets by OPEC and non-member producers could add an additional US$6 per barrel to its price forecast, the bank said. Asian equities rallied the most in three weeks after OPEC reached the deal.

Source: Taipei Times December 01, 2016 16:04 UTC