OPEC and its allies agreed to cut its Oil output

NewsBharati    08-Dec-2018
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Vienna, Dec 8:
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreed to cut oil output by 12 lakh barrels a day to boost global oil markets. OPEC, the group of 14 nations, will cut crude oil output by 8 lakh barrels per day, while Russia and its allied producers would slash around 4 lakh barrels.

This was stated by Iraq's Oil Minister Thamer Abbas al-Ghadhban after the meeting of OPEC members and its allies in Vienna yesterday.

Russia agrees to OPEC’s Oil cut proposals.

The agreement is set to be implemented from next month.

The cartel and its partners agreed to remove 1.2 million barrels a day from the market, with OPEC itself shouldering 800,000 barrels of the burden. Iran emerged as a winner from the contentious talks, saying it’s secured an exemption from cuts as it suffers the effects of U.S. sanctions.