Report: OPEC agrees on oil output reduction, scope unclear
VIENNA, Dec 6 (PRIME) -- OPEC have preliminarily agreed on oil output reduction in the framework of the OPEC plus nonmember deal but the precise figures are unclear, Reuters reported on Thursday, citing a delegate.
Saudi Arabian Energy Minister Khalid Al-Falih told reporters earlier that OPEC and non-OPEC states are discussing cutting oil production by 0.5–1.5 million barrels per day.
In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil production to rebalance the market. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day due to a favorable market environment.