OPEC agrees to cap oil production - report

Economy 12/6/2018, 3:17 PM
OPEC agrees to cap oil production - report

Organization of the Petroleum Exporting Countries (OPEC) agreed on Thursday to cap oil production, according to media reports. The organization reached a deal but reportedly doesn't want to release any details until one of the world's largest producers Russia and the rest of the global exporters also joins in on the agreement.

Earlier today, oil prices extended losses, falling over 4% amid concerns OPEC and other major oil producers led by Russia will not manage to reach an agreement to reduce global crude production. During the OPEC+ meeting in Vienna, Saudi Energy Minister Khalid al-Falih proposed output cuts of 1 million barrel per day but warned that the measure will only be agreed on if everyone is on board.

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