Opec cuts oil output | The Daily Star
12:00 AM, December 09, 2018 / LAST MODIFIED: 12:00 AM, December 09, 2018

Opec cuts oil output

Opec members and 10 other oil producing nations, including Russia, agreed Friday to cut output by 1.2 million barrels a day in a bid to reverse falls in prices in recent months.

Energy ministers reached the deal -- which takes effect from January 1 but has already sent prices surging on oil markets -- after two days of talks at Opec headquarters in Vienna.

"Opec group countries are contributing 800,000 barrels per day as a cut, and the non-Opec (countries) will be contributing 400,000 barrels per day," Emirati Oil Minister Suhail Mohamed al-Mazrouei said at a news conference.

Opec and its partners, which together account for around half of global output, met against the backdrop of a glut in the market which had led to oil prices falling by more than 30 percent in two months.

Mazrouei said that three countries had been allowed exemptions from the agreement due to "special circumstances".

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