12/7/2018, 5:29 PM (Source:
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Iraqi oil minister breaks down output cut deal

Iraqi oil minister Thamir Ghadhban provided further details on individual oil output cuts agreed in the meeting between OPEC and non-OPEC countries on Friday.

Ghadhban stated that the cartel and the group of oil exporting countries led by Russia will cut the production of oil by 2 million barrels per day. He noted that Iraq for its part will trim the production by 140,000 barrels a day, whereas Oman and Russia will reduce oil production by 2% and 230,000 barrels per day, respectively. Saudi Arabia, the minister asserted, will slash another 200,000 barrels per day in addition to 500,000 barrels per day it had already cut.

Meanwhile, major oil producers reached a preliminary deal to cut oil production by 1.2 million barrels per day following a two-day meeting in Vienna.

Breaking the News / GG