OPEC+ agrees to 1.2M bpd output cut

Politics 12/7/2018, 3:05 PM
OPEC+ agrees to 1.2M bpd output cut

Organization of Petroleum Exporting Countries (OPEC) has agreed on Friday with non-OPEC producers led by Russia to curb oil production by 1.2 million barrels per day, in six months starting from January, with the output in October as a reference. Russia and non-OPEC oil producers will cut production by 400,000 barrels per day, while Iran, Venezuela and Libya were exempted from the reductions. Russia's part will be around 230,000 bpd. The organization also said it will not reveal output quota for every country.

The measure will be reviewed in April, according to the agreement.

Prices of crude futures surged following the announcement of the deal, with West Texas Intermediate deliveries for January jumping 4.39% to $53.99 per barrel, as Brent deliveries for February soared 5.19% to $63.34 per barrel.

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