OPEC Reference Basket Current Affairs, GK & News

Oil prices rise as OPEC agrees on output cuts

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut 1.2 million barrels of oil a day from its output to 32.5 million barrels beginning from January. This has lead to a surge in the global oil prices. This is the first such cut made by OPEC in the last eight years. OPEC plays ..

Topics: Cartels • Chronology of world oil market events • OPEC • OPEC Reference Basket • Petroleum • Petroleum industry • Price of oil • Primary sector of the economy