OPEC

Dec. 8, 2019

OPEC group of oil-producing countries and their allies, including Russia, have decided to cut oil production by 500,000 barrels per day, effective from 1st January 2020.

About:

In a meeting in Vienna, they agreed to reduce production to stem pressure on prices from abundant reserves and weak global economic growth.
This would bring production 1.7 million barrels per day below October 2018 levels.
Oil prices surged following the announcement, with US benchmark WTI and its European counterpart Brent crude by about two per cent higher.

Source : All India Radio

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