Oil out­put cuts

Gulf News - - Business -

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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