You are here: Home » International » News » Economy
Business Standard

Oman to cut oil production by 2% from Jan, initially for 6 months

OPEC and its Russia-led allies agreed last week to slash oil production

Reuters 

oil, fuel

will be cutting output by 2 percent from January for an initial period of six months, according to a letter sent to customers of Omani by the country's and gas ministry, which was seen by

The output reduction is in implementation of a agreement by The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC crude exporters to reduce global supply, the letter said. is not a member of OPEC.

OPEC and its Russia-led allies agreed last week to slash by more than the market had expected despite pressure from U.S. to reduce the price of crude.

First Published: Fri, December 14 2018. 12:00 IST
RECOMMENDED FOR YOU