Statement from the OPEC president
Confirms cut to "around" 1.2mbpd top 32.5mbpd starting Jan 2017
Indonesia are a net importer so asked to suspend their membership
Key non-OPEC producer gave support to contribute around 600k to the 1.2m
Russia committed to 300k cut
Other non-OPEC producers committed to supporting the deal
This is a major step forward and a historic moment
Brent back knocking around the highs again but failing to push through.
Other comments coming too while he waffles on.
Saudi's
- Saudi production limit 10.058mbpd
- Non-OPEC agreed to around 600k cut
- Saudi minister says it is a good day for the market
Brent kicking up through the highs now as he finishes the statement and goes to questions.
