OPEC Reaches Deal to Cut Oil Production
File Photo: Machine pumping out crude oil
Vienna: The OPEC oil cartel reached a deal on Wednesday to reduce its output for the first time in eight years, Qatar's energy minister and president of the OPEC conference said.
The reduction by OPEC will be "1.2 million barrels per day, to bring its ceiling to 32.5 million barrels per day," Mohammed Bin Saleh Al-Sada told a news conference in Vienna.
He said that non-member Russia has committed to reducing its output by 300,000 barrels per day, half of a hoped-for 600,000 barrels per day from outside the cartel.
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