Gulf News

Oil output cuts

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As per the agreement, Opec will reduce output by 800,000 bpd, whereas non-Opec members will slash output by 400,000 bpd for six months in 2019 to rebalance oil markets and bolster oil prices. Libya, Iran and Venezuela were exempted from the deal as their production was hit due to conflict, sanctions and economic difficulti­es respective­ly.

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