OPEC agrees to extend cuts - reports

Friday, 06. December 2019 00:12

Organization of the Petroleum Exporting Countries (OPEC) agreed in principle to cut oil output by additional 500,000 barrels per day in the first quarter of 2020, according to multiple media reports.

Iranian Oil Minister Bijan Namdar Zangeneh reportedly confirmed that the agreement was reached, while the deal is expected to be discussed by OPEC and its allies tomorrow.

The extension of production cuts would mean the total reduction amount is set at 1.7 million barrels per day. The media reported that OPEC would take up approximately two-thirds of the amount.

Iraq reportedly agreed on a further cut of 50,000 barrels per day after initially having a disagreement with Saudi Arabia on the figure. Under the proposal, Saudi Arabia's new production limit would be lowered by approximately 200,000 barrels per day to land at 10.1 million bpd.

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Breaking the News / MS