Official: OPEC states to cut oil output by 1.2 mln bpd from Jan

VIENNA, Nov 30 (PRIME) -- OPEC countries have agreed to reduce their daily oil production by 1.2 million barrels to 32.5 million barrels from January 1, 2017, Qatari Energy Minister Mohammed Bin Saleh Al Sada said at a new conference after a meeting on Wednesday.

"This agreement is out of a sense of responsibility" for all oil-producing states, he said.

He also said that output restrictions by non-OPEC countries will be necessary to rebalance the market. OPEC officials are in contact with the key non-OPEC producers to ensure their support.

The agreement envisages reduction of oil output by 600,000 barrels per day by non-OPEC producers. Russia agreed to cut its oil output by 300,000 barrels per day, Al Sada said.

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