OPEC members agree to oil cuts

On Wednesday OPEC members agreed to cut oil production, despite Saudi Arabia’s hostile position against Iran demanding to continue pumping at maximum levels since the country was relieved of international sanctions. According to Reuters News Agency sources, the oil cartel will lower production levels to 32 million barrels a day from its current level of 33.4 million. In the next OPEC meeting scheduled for November countries will decide how much each will produce.  After the outcome of the meeting in Algiers was revealed, oil traded at $48 per barrel, an increase of more than 5%, at the close of markets on Wednesday. Saudi Arabia has pleged to take on the majority of oil cuts while Iran has been given special consideration as it is trying to gain a foothold in the international oil market after sanctions have recently been lifted on the country.