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OPEC and partners agree on 1.2 million bpd output cut: Iraq

AFP  |  Vienna 

and partner countries, including Russia, agreed on Friday to cut output by a combined 1.2 million barrels a day in the hope of boosting prices, Iraq's minister said.

"We'll cut 1.2 million bpd total," told reporters after a meeting in

He said the amount -- equivalent to just over one per cent of global production -- would comprise an 800,000 bpd reduction by the 14 members of and 400,000 by non-cartel partners, including

The cut will be based on October output and will be subject to review in April, said a for the meeting, Tafal al-Nasr.

and its partners, which together account for around half of global output, say a glut in the market has led to prices falling by more than 30 per cent in two months.

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

First Published: Fri, December 07 2018. 22:20 IST