OPEC nations reached a preliminary agreement 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 president of OPEC, announced the deal after several hours of talks in the Algerian capital. "We reached a very positive deal," said Nigerian Oil Minister Emmanuel Ibe Kachikwu. The price of crude oil has fallen sharply since mid-2014, when it was over $100 a barrel, dropping below $30 at the start of this year. Saudi Energy Minister Khalid Al-Falih this week promised to "support any decision aimed at stabilizing the market."

Source: Los Angeles Times September 28, 2016 21:17 UTC