http://www.telegraph.co.uk/business/2016/11/30/ftse-100-rises-oil-jumps-opec-begins-debate-oil-cuts/#update-20161130-1420
Reuters has the latest on the agreed output cut:
Opec has agreed its first limit on oil output since
2008, an OPEC source told Reuters after Saudi
Arabia said it was prepared to accept "a big hit" on
production and agree to arch-rival Iran freezing
output at pre-sanctions levels.
Brent crude futures LCOc1 jumped 8 percent to
more than $50 a barrel on hopes Riyadh had finally
reached a compromise with Iran after insisting in
recent weeks that Tehran fully participate in any
cut.
The source said the Organization of the Petroleum
Exporting Countries had on Wednesday agreed a
deal in line with an accord the group reached in
Algiers in September.
OPEC member Algeria was proposing to set a new
production ceiling at 32.5 million barrels per day,
down from current levels of 33.6 million.
Here's how #OPEC could try to finagle a
production cut deal - via @WSJGraphics
pic.twitter.com/4xQH018wlv
— Akane Otani (@akaneotani) November 30,
2016
The source gave no further details as two other
OPEC sources said debates were continuing on the
size of each member country's cut.
Before the meeting, Saudi Energy Minister Khalid
al-Falih said OPEC was indeed focusing on reducing
output to a ceiling of 32.5 million bpd and hoped
Russia and other non-OPEC producers would
contribute a cut of another 0.6 million bpd.
"It will mean that we (Saudi) take a big cut
and a big hit from our current production
and from our forecast for 2017. So we will
not do it unless we make sure that there is
consensus and an agreement to meet all of
the principles," Falih said.
But he added that even if OPEC failed to reach a
deal, the market would slowly recover: "We believe
that non-OPEC growth has reversed and also most
of the OPEC growth we’ve seen is already behind
us," he told reporters.
"If we can’t come to an agreement, then the
other scenario of rolling over and waiting
for the market to recover on its own is not a
bad outcome."
Clashes between Saudi Arabia and Iran have
dominated many previous OPEC meetings.
One #OPEC delegate just told me that #OPEC won't wait
for non OPEC to cut #OOTT
3:07 PM - 30 Nov 2016
34 30
Amena Bakr
@Amena__Bakr
On Tuesday, Iran wrote to OPEC saying it wanted
Saudi Arabia to cut production by as much as 1
million bpd, more than Riyadh was willing to offer,
OPEC sources who saw the letter told Reuters.
But the tone changed on Wednesday. "I'm
optimistic," Iranian Oil Minister Bijan Zanganeh
said before the meeting, adding there had been no
request for Iran to cut output. He also said Russia
was ready to reduce production.
"Moscow have agreed to reduce their
production and cut after our decision,"
Zanganeh said.
More updates @ 3 p.m

this is a good one

Kachikwu, leaving the meeting happy. Is Buhari already regulating oil price??