12/7/2018, 5:05 PM (Source: TeleTrader)
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OPEC+ confirms output cut deal of 1.2 million bpd

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, the Organization of Petroleum Exporting Countries (OPEC) announced on Friday.

According to the agreement, the cartel will reduce its output by 800,000 bpd, while Russia and allied producers will take a further 400,000 bpd off the market.

The deal came together on the second day of talks after Russia agreed to the cuts, which will begin in January and last for six months before the group reviews the arrangement.

Breaking the News / JC