The first oil supply cut decision by the Organization of Petroleum Exporting Countries (OPEC) since 2008 led to further gains in the stocks of domestic upstream oil and gas companies apart from companies providing offshore oil & gas drilling service and equipment suppliers for offshore drilling. Indonesia, the producer group's only East Asian member, said it would suspend its membership after rejoining only this year as it was not willing to comply with the output cuts sought. OPEC member countries for the first time in 8 years agreed to curtail crude oil production by 1.2 million barrel per day to 32.5 million barrels per day (mn b/d) from January 1, 2017 to balance global crude supply and demand. The organization in late September agreed on an accord to target production between 32.5 million and 33 million barrels a day, effectively pointing to a production cut from current levels around 33.83 million barrels a day in October.
OPEC agrees to cut oil production by 1.2 million barrels a day. Key non-OPEC producers most notably Russia have also agreed to cut their production. Oil futures have risen by 9%.