OPEC has agreed to freeze the level of oil production

The members of the Organization of countries-exporters of oil at an informal meeting in Algeria reached an agreement on the limitation of oil production to the level of 32.5 million barrels a day. According to Reuters, dof dogovorennosty should enter into force in November.

Following the agreement of OPEC intends to appeal to other countries to join agreements.

On news of the agreement the price of Brent crude oil jumped almost 5%. According to the data at 21.30 GMT on the ICE futures exchange was trading raw material for 48,01 dollar per barrel.

On Tuesday, September 27 General
OPEC Secretary Muhammad Barkindo said that all the world store
oil is full, their reserves exceed three billion barrels.

In the same
day the Minister of oil and mining of Venezuela, Eulochio del Pino warned that if representatives of the oil producing countries fail to agree on joint action, energy prices could fall below $ 20 per barrel.

OPEC has agreed to freeze the level of oil production 29.09.2016

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