OPEC countries decided to limit oil production

Members of the Organization of the Petroleum Exporting Countries (OPEC) at the talks in Algiers came to an agreement to limit oil production. This is reported by Reuters, citing sources in the cartel.

According to the interlocutors of the agency, production will be reduced to the level of 32.5 million barrels per day.

Earlier on Wednesday, Bloomberg reported that the partners in the organization recommended that Saudi Arabia reduce to 10.145 million barrels per day, the quota for Iran was limited to 3.7 million barrels.

Nigeria and Libya are being proposed to be exempted from production cuts as both states suffer from the effects of civil war and insurgency.

Over the past few weeks, OPEC has been discussing various options for measures aimed at stabilizing the oil market. In August, OPEC reduced oil production to 33 million barrels per day.

In February, Russia, Saudi Arabia, Qatar and Venezuela agreed to freeze oil production on the condition that other major producing countries follow suit. Among the countries that have expressed such readiness are Ecuador, Algeria, Nigeria, Oman, Kuwait, and the United Arab Emirates. Iran has refused to join the freeze deal, saying it wants to boost production to more than 4 million barrels.