November 2016: OPEC Agrees to Cut Oil Production
Updated February 11, 2017 | Infoplease Staff
Here's a slideshow depicting the major world news events of November 2016.
1. Iraqi Forces Enter Mosul 2. Hundreds of Migrants Drown Off Libya 3. British High Court Ruling Will Slow Brexit 4. China Blocks New Hong Kong Legislators 5. ISIS Kidnaps Hundreds of Civilians Outside Mosul 6. Poet, Songwriter Leonard Cohen Dies 7. South African President Zuma Survives Another No-Confidence Vote 8. Samsung to Buy Harman International for $8 Billion 9. Russian Economy Minister Alexey Ulyukaev Arrested 10. Shiite Pilgrims Killed by ISIS 11. First U.S. Casualty in Syria 12. Fidel Castro Dies 13. François Fillon Wins French Presidential Nomination 14. OPEC Agrees to Cut Oil Production 15. Columbia: New Peace with FARC
- OPEC Agrees to Cut Oil Production
- On November 30, 2016, the Organization of Petroleum Exporting Countries (OPEC) announces a deal to cut oil output by 1.2 million barrels a day. Negotiations, begun in September, went back and forth with the three largest oil exporters, Iran, Iraq, and Saudi Arabia. The intention of the deal is to decrease global oil inventories to normalize and strengthen the oil market. This is the first time in eight years that OPEC as a whole has agreed to cut production, and Russia's participation is unprecedented.
- Photo source: AP Photo/Hasan Jamali, File
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