OPEC agreed to drop production to a range of 32.5-33.0M barrels per day after the third day of meetings. Most analysts expected no deal to be reached. Stocks and oil related currencies rallied following the news. The outline of the deal suggest the lower end of the production equates to a drop of almost 750K barrels per day from what OPEC produced in August. Note OPEC pumps about 40% of global oil production. Many details still need to be finalized. Iran is expected not to freeze production but other OPEC members will need to cut output.