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2nd LD Writethru: OPEC announces new output ceiling of 32.5 mln bpd

Xinhua, December 1, 2016 Adjust font size:

The OPEC on Wednesday decided to cut its oil output by 1.2 million barrels per day, setting the ceiling of oil production at 32.5 million barrels per day (bpd).

The reduction is effective from Jan. 1, 2017, and is the cartel's first oil reduction since 2008. The reduction is being coordinated with the non-OPEC country Russia, who promised to cut its production by 300,000 barrels per day.

Qatar's energy minister Mohammed Al-Sada, president of OPEC, said the agreement was reached unanimously except for Indonesia, who has now suspended its membership of the cartel.

According to data offered by OPEC, the largest oil producer, Saudi Arabia took the biggest part of the reduction, 486,000 barrels per day.

OPEC crude output rose to a record 33.83 million bpd in October, according to the International Energy Agency (IEA), output from the group's 14 members has climbed for five months running. In October, OPEC supply stood nearly 1.3 million bpd above a year ago.

OPEC is to establish a ministerial committee to monitor the implementation of the agreement to secure the oil reduction. Endit