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Non-OPEC producers agree to cut oil output

posted on 12/12/2016: 1718 views

VIENNA: Non-OPEC producers on Saturday agreed to curtail oil output jointly by 558,000 barrels a day for six months starting on 1st January 2017, the Organisation of the Petroleum Exporting Countries announced following an OPEC and non-OPEC ministerial meeting in Vienna.

Those non-member cuts come on top of an OPEC decision on 30th November to reduce member output by 1.2 million barrels a day.

"The meeting recorded that OPEC Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market and underscored the importance of other oil producing countries joining their efforts," OPEC said in a press release. – Emirates News Agency, WAM -


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