UPDATE: Report: OPEC to cut output by 900,000Ц1 million bpd
VIENNA, Dec 6 (PRIME) Ц OPEC is ready to cut production by 900,000Ц1 million barrels per day excluding contribution by non-OPEC members of the agreement, Bloomberg reported on Thursday.
Earlier Reuters reported that OPEC has preliminarily agreed on oil output reduction in the framework of the OPEC plus nonmember deal but the precise figures are unclear.
Saudi Arabian Energy Minister Khalid Al-Falih told reporters earlier that OPEC and non-OPEC states are discussing cutting oil production by 0.5Ц1.5 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.