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Business News/ Photos / Opec agrees first oil output cut in 8 years

Opec agrees first oil output cut in 8 years

Oil extended gains after the biggest advance since April as Opec agreed to reduce production for the first time in eight years. The Opec agreed to cut production to a range of 32.5 million to 33 million barrels a day after the meeting in Algiers, Algeria, on Wednesday. Opec's decision in images

Energy companies led a rally in Asian stock markets on Thursday as investors welcomed news that Opec nations planned to cut oil production for the first time in eight years. Japan’s benchmark Nikkei 225 index jumped 1.4% to 16,699.18 while  India’s Sensex surged over 181 points and the NSE Nifty reclaimed the 8,800-mark in early trade. AFP

1/7Energy companies led a rally in Asian stock markets on Thursday as investors welcomed news that Opec nations planned to cut oil production for the first time in eight years. Japan’s benchmark Nikkei 225 index jumped 1.4% to 16,699.18 while India’s Sensex surged over 181 points and the NSE Nifty reclaimed the 8,800-mark in early trade. AFP

The Opec agreed to cut production to a range of 32.5 million to 33 million barrels a day after the meeting in Algiers, Algeria, on Wednesday. Opec estimates its current output at 33.24 million bpd. Reuters

2/7The Opec agreed to cut production to a range of 32.5 million to 33 million barrels a day after the meeting in Algiers, Algeria, on Wednesday. Opec estimates its current output at 33.24 million bpd. Reuters

The decision at this week’s meeting of the Opec to cut production was necessitated by Saudi Arabia’s tattered finances. This move effectively put an end to the two-year-old Saudi Arabia led Opec’s pump-at-will policy. The Kingdom’s oil minister Khalid Al-Falih (above) arrives at the venue. AFP

3/7The decision at this week’s meeting of the Opec to cut production was necessitated by Saudi Arabia’s tattered finances. This move effectively put an end to the two-year-old Saudi Arabia led Opec’s pump-at-will policy. The Kingdom’s oil minister Khalid Al-Falih (above) arrives at the venue. AFP

Saudi Arabia softening its stance on arch-rival Iran, will exempt the latter from capping production. (Above) Algeria’s minister of energy Noureddine Boutarfa (left), and Iran’s oil minister Bijan Namdar Zanganeh (centre), arrive to attend the closing session of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, on Tuesday. AP

4/7Saudi Arabia softening its stance on arch-rival Iran, will exempt the latter from capping production. (Above) Algeria’s minister of energy Noureddine Boutarfa (left), and Iran’s oil minister Bijan Namdar Zanganeh (centre), arrive to attend the closing session of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, on Tuesday. AP

Many of the details remain to be worked out and Opec won’t decide on targets for each country until its next meeting at the end of November. (Above) the UAE energy minister Suhail bin Mohamed al-Mazroui (centre) at the informal meeting on Wednesday. AFP

5/7Many of the details remain to be worked out and Opec won’t decide on targets for each country until its next meeting at the end of November. (Above) the UAE energy minister Suhail bin Mohamed al-Mazroui (centre) at the informal meeting on Wednesday. AFP

(Above) Opec president Mohammed bin Saleh al-Sada (left) with secretary-general of Opec Mohammed Sanusi Barkindo during the news conference after the informal meeting. Reuters

6/7(Above) Opec president Mohammed bin Saleh al-Sada (left) with secretary-general of Opec Mohammed Sanusi Barkindo during the news conference after the informal meeting. Reuters

(Above) Energy ministers from Opec and other oil-producing countries pose for a group photo prior to the opening session of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, on Tuesday. AP

7/7(Above) Energy ministers from Opec and other oil-producing countries pose for a group photo prior to the opening session of the 15th International Energy Forum Ministerial meeting in Algiers, Algeria, on Tuesday. AP

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