(MENAFN) The Organization of Petroleum Exporting Countries (OPEC) agreed on Wednesday to cut oil production in a surprise move aimed at boosting stubbornly weak crude prices.
In detail, the news triggered an immediate spike of more than five percent on oil markets, which had expected the talks in Algiers to end without agreement, and helped push US equities higher.
At the end of six hours of negotiations and weeks of horse trading, OPEC announced the plan to cut production to a level of 32.5-33 million barrels per day (bpd) from 33.47 billion bpd in August.
"We have had a very lengthy but historical meeting in Algiers," said Qatari energy minister and OPEC meeting president who confirmed the planned cut.
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