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OPEC Backs 6-Month Oil Production Cut

OPEC Backs 6-Month Oil Production Cut

Created: December 07, 2018 10:50 AM

VIENNA (AP) - OPEC's president says the oil cartel in conjunction with non-OPEC producers including Russia have agreed to cut oil production by 1.2 million barrels a day in January for six months.

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Suhail Mohamed al-Mazrouei, who is also the United Arab Emirates' energy minister, said at the conclusion of a two-day meeting in Vienna, that the reduction is a "major step forward."

OPEC countries, including Saudi Arabia and the UAE, will cut production by 800,000 barrels a day while non-OPEC countries will trim 400,000.

Oil producers have been under pressure to reduce production following a sharp fall in oil prices over the past couple of months. The price of oil has fallen about 25 percent recently because major producers, including the U.S. which is not party to the agreement, are pumping oil at high rates.

Copyright 2018 The Associated Press. All rights reserved.

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