OPEC, Rus­sia agree to slash oil pro­duc­tion

Arab News - - Front Page - Reuters Vienna

OPEC and its Rus­sia-led al­lies have agreed to slash oil pro­duc­tion by more than the mar­ket had ex­pected de­spite pres­sure from US Pres­i­dent Don­ald Trump to re­duce the price of crude.

The pro­ducer club will curb out­put by 0.8 mil­lion bar­rels per day from Jan­uary while non-OPEC al­lies con­trib­ute an ad­di­tional 0.4 mil­lion bpd of cuts, Iraqi Oil Minister Thamer Ghad­hban said af­ter OPEC con­cluded two days of talks in Vienna.

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