Crude oil price goes up to $50 per barrel

The Organisation of the Petroleum Exporting Countries (OPEC) has reportedly agreed to cut oil production for the first time since 2008 thus making the price of the product to skyrocket in the afternoon of Wednesday, November 30.

A general view of the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS

Reuters reports a source at the global organisation as revealing the news adding that the agreement was in line with an accord reached in Algiers in September.

Oil price goes up following a cut in production

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