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Non-OPEC oil producers agree to cut output for six months
Sunday December 11, 2016 7:00 PM, IINA

OPEC
[Those non-member cuts come on top of an OPEC decision on November 30 to reduce member output by 1.2 million barrels a day. (Photo: DPA)]

Vienna:
Producers outside the Organization of Petroleum Exporting Countries (OPEC) on Saturday agreed to curtail oil output jointly by 558,000 barrels a day for six months starting in January, the organization announced following an OPEC and non-OPEC ministerial meeting in Vienna.

Those non-member cuts come on top of an OPEC decision on November 30 to reduce member output by 1.2 million barrels a day, bringing the reduction total to more than 1.76 million bpd.

"The meeting recorded that OPEC member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market and underscored the importance of other oil producing countries joining their efforts," OPEC said in a press release.





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