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OPEC agrees on first oil production cut since 2008

In a surprising move to bolster weak crude prices, OPEC agreed to cut production for the first time in eight years. Following Wednesday’s meeting in Algiers, oil prices jumped more than 5%. Current output is estimated at 33.24M bpd; under this new deal production will decrease by around 700,000 bpd. Targets for each member country will be decided at its next meeting on November 30 in Vienna. With new production levels in place, non-member countries will then be called upon to further ease the global glut. OPEC will be tasked with having to convince producers outside the group to cap their own output. Putting their differences aside, this agreement may improve relations between Saudia Arabia and Iran which have clashed on policy since 2014 and were responsible for another failed proposal to cut production earlier this year. This historical agreement affected energy shares across the board, pushing the loonie and the S&P/TSX Composite Index higher on Wednesday.

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