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OPEC Reaches Agreement to Reduce Oil Production

OPEC and other exporting countries to reduce oil output by 1.2 million barrels per day as of January 1st

Following a recent decrease in oil prices, the 14 members of OPEC (Organization of Petroleum Exporting Countries) along with 10 other oil producing nations have agreed to reduce oil production output by a total of 1.2 million barrels per day (bpd).

The deal will come into place on 1st January 2019 in a bid to increase oil prices, with news of the deal already causing an instant price boost as the price of Brent crude rose by 5% on Friday.

Under the deal, OPEC countries will reduce production by a total of 800,00 bpd with the additional 400,000 bpd to be cut from 10 other oil exporting countries, including Russia.

Source: Kurdistan 24

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