Finally, members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut oil production to 32.5 million barrels per day. European stocks start falling on Thursday, with Ibex losing around 0.5%.
- 0,317€
- 0,00%
- 11.239,300
- 0,78%
This historic cut, the first since 2008, would end the oversupply of crude oil and would mean a reduction of 1.2 million barrels per day. The agreement will be effective from January 1st 2017, as reported by the organization at the end of its 171st meeting, held in Vienna.
European Markets fall again. After the OPEC meeting, investors are now focusing their interest in the Italian referendum that will take place next Sunday, 4 December. The vote will have an important effect on European banking, as part of the policies voted will affect the Italian entities. The Italian central bank has already warned that the country's top three banks need to strengthen their capital ratio.