Opec agrees output cuts after much ‘brain squeezing’

Dawn | Dec 7, 2019 at 7:03 AM
  • The powerful Opec group of oil producers and its allies reached a deal on Friday to cut production by 500,000 barrels per day in a bid to stem prices which have been under pressure from abundant reserves and weak global economic growth.
  • It ended with a deal for a cut effective as of January 1 which sets an output target 1.7 million barrels per day lower than October 2018 levels.
  • In a surprise move, the bloc also announced that several participating countries, “mainly Saudi Arabia”, would make additional voluntary cuts bringing the overall cut to more than 2.1 million barrels per day.