OPEC

OPEC reaches deal to cut output

The OPEC oil cartel reached a deal Wednesday to reduce its output for the first time in eight years, Qatar’s energy minister and president of the OPEC conference said.

The reduction by OPEC will be “1.2 million barrels per day, to bring its ceiling to 32.5 million barrels per day,” Mohammed Bin Saleh Al-Sada told a news conference in Vienna.

He said that non-member Russia has committed to reducing its output by 300,000 barrels per day, half of a hoped-for 600,000 barrels per day from outside the cartel.

AFP

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Copyright 2020 Naija Center News. All Rights reserved. This material, and other digital content on the website, may not be reproduced, published, broadcast, or rewritten or redistributed in whole or in part without prior express written permission from Naija Center.

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