OPEC, allies agree to reduce crude production by 1.2 mn bpd
OPEC, allies agree to reduce crude production by 1.2 mn bpd
Published:
VIENNA, Dec. 7, 2018 (Xinhua) -- Qatar
ADVERTISEMENT
Vienna, Dec 8 (IANS) The Organization of the Petroleum Exporting Countries (OPEC) and allied producers agreed to lower their production of crude oil by 1.2 million barrels per day for a six-month period.
The measure, which was spearheaded by Russia, will come into effect on January 1.
The OPEC's decision was announced to the press by Iran's Oil Minister, Bijan Zanganeh, at the end of the meeting between 24 oil producing countries, Efe news reported on Friday.
Zanganeh added that he was satisfied by the fact that Iran remained exempt from the commitment to reduce oil production.
--IANS
vin/pgh/
(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)
SCROLL FOR NEXT