Opec’s president has said the oil cartel in conjunction with non-Opec producers including Russia have agreed to cut oil production by 1.2 million barrels a day in January for six months. Opec’s president has said the oil cartel in conjunction with non-Opec producers including Russia have agreed to cut oil production by 1.2 million barrels a day in January for six months. General view of a meeting of Opec oil ministers (Ronald Zak/AP)Opec countries, including Saudi Arabia and the UAE, will cut production by 800,000 barrels a day while non-Opec countries will trim 400,000. Oil producers have been under pressure to reduce production following a sharp fall in oil prices over the past couple of months. The price of oil has fallen about 25% recently because major producers, including the US which is not party to the agreement, are pumping oil at high rates.

Source: Irish Independent December 07, 2018 16:18 UTC