September 2016: OPEC Agrees to Cut Oil Production
Here's a slideshow depicting the major world news events of September 2016.
1. Death of Uzbekistan's President 2. Mother Teresa Gains Sainthood 3. Hong Kong Elections 4. Syrian Government Drops Chlorine Bomb in Aleppo 5. Gabon Reelects President 6. North Korea Tests Nuclear Warheads 7. U.S. and Russia: Syrian Cease-Fire 8. Bayer Buys Monsanto 9. Parliamentary Election Reinforces Putin 10. Syrian Cease-Fire Over 11. Puerto Rico Loses Power 12. Typhoon Megi Hits Asia 13. Israeli Leader Shimon Peres Dies 14. OPEC Agrees to Oil Cuts
- OPEC Agrees to Cut Oil Production
- On September 28, 2016, the Organization of the Petroleum Exporting Countries (OPEC) announces an oil production cut for the first time in 8 years. Traders involved in the cut are surprised because they believed the organization would continue the "pump at will" policy that was adopted in 2014. OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut.
- Photo source: AP Photo/Hasan Jamali, File