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OPEC agrees to cut crude oil production by 1.2 million barrels/day

ANI  |  Vienna [Austria] 

In an aim to boost global markets, member countries of the Organisation of the Exporting Countries (OPEC) and its allies on Friday decided to slash production by 1.2 million barrels per day.

The agreement is set to be implemented in January 2019, reported.

The 15-member group agreed to cut output by 800,000 barrels per day, while and its allied producers would slash by around 400,000 barrels per day.

Prior to the meeting, Saudi Arabia, the de facto of the OPEC, had said that the group would "seriously consider" the views of and on lowering global

On Wednesday, Trump had urged countries to keep stable so that its prices remained low in the near future. "Hopefully will be keeping oil flows as is, not restricted. The does not want to see, or need, higher oil prices!", the US had tweeted.

The crucial meet came at a time when the global is unstable in the aftermath of the economic sanctions imposed on by the US government, thereby stifling Tehran's crude supplies.

Crude rates skyrocketed to a four-year high of USD 86 per barrel in October. But since then, the price spiralled down to about USD 60 per barrel.

The comprises 15 and comprises Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Congo, Saudi Arabia, United Arab Emirates, Venezuela, and They account for more than half of the world's

However, will pull out from the group in January 2019, as it wants to focus on its efforts to increase its

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, December 08 2018. 04:45 IST