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OPEC Agrees Modest Output Curbs in First Deal since '08

After two and a half years, OPEC reached consensus to manage the market
●    He and other ministers said the Organization of the Petroleum Exporting Countries would reduce output to a range of 32.5-33.0 million barrels per day. 
●    OPEC estimates its current output at 33.24 million bpd.
●    "We have decided to decrease the production around 700,000 bpd," Zanganeh said. 
●    The move would effectively re-establish OPEC production ceilings abandoned a year ago.
●    However, how much each country will produce is to be decided at the next formal OPEC meeting in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia. 
●    Oil prices LCOc1 jumped more than 5% to trade above $48 per barrel as of 2015 GMT. 
●    Many traders said they were impressed OPEC had managed to reach a compromise after years of wrangling but others said they wanted to see the details.

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