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FILE CHINA OPEC OIL

epa05654688 (FILE) A file photograph dated 09 November 2007 shows a general view of oil wells at Gudong oil field which is a part of China's Shengli oil field. The Organization of Petroleum Exporting Countries (OPEC) decided at it's 171st meeting in Vienna, Austria on 30 November 2016 that it will cut supplies for the first time in eght years. The cut of 1.2 million barrels a day will start from January 2017. the Conference decided to implement a new OPEC-14 production target of 32.5 million barrels a day, in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward. EPA/WU HONG