You are here: Home » News-IANS » Business-Economy
Business Standard

OPEC, allies agree to reduce crude production by 1.2 mn bpd

IANS  |  Vienna 

The Organization of the Exporting Countries (OPEC) and allied producers agreed to lower their production of by 1.2 million barrels per day for a six-month period.

The measure, which was spearheaded by Russia, will come into effect on January 1.

The OPEC's decision was announced to the press by Iran's Oil Minister, Bijan Zanganeh, at the end of the meeting between 24 oil producing countries, news reported on Friday.

Zanganeh added that he was satisfied by the fact that remained exempt from the commitment to reduce

--IANS

vin/pgh/

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

First Published: Sat, December 08 2018. 08:04 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU