September 2016: OPEC Agrees to Cut Oil Production

U.S. News | Disasters & Science News

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

OPEC Agrees to Cut Oil Production
Image of oil rig with camels in distance
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
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