November 2016: OPEC Agrees to Cut Oil Production

Updated February 11, 2017 | Infoplease Staff

U.S. News | Disasters & Science News

Here's a slideshow depicting the major world news events of November 2016.

OPEC Agrees to Cut Oil Production
Image of oil pipe in desert
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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