OPEC deal: Iran turns the tables on Saudis
After months of talks and rounds of meetings, the Organization of the Petroleum Exporting Countries (OPEC) finally sealed a deal on November 30 for a production cut, marking a turning point in the organization’s history. A deal which everyone believed had a very little chance of success, is now done and the organization agreed to cut production by about 1.2 million barrels per day (bpd), or about 4.5 percent of current production, to 32.5 million bpd. Two months ago in Algiers an agreement was outlined based on which the OPEC and ...
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