OPEC and Russia agree to slash oil production by 1.2 mil. barrels a day
- 5 years ago
OPEC and its Russia-led allies agreed in Vienna on Friday... to cut oil production despite pressure from U.S. President Donald Trump to keep prices low.
The cuts will remove 1-point-two million barrels a day from world markets... for the first six months of 2019.
OPEC members agreed to cut their combined output by 800-thousand barrels per day, while non-OPEC allies including Russia will reduce output by 400-thousand barrels per day.
Brent crude, an international benchmark for oil prices,... soared five percent on the news, trading at 63 U.S. dollars a barrel.
The agreement came as the oil industry is grappling with a roughly 30 percent fall in prices since October.
The cuts will remove 1-point-two million barrels a day from world markets... for the first six months of 2019.
OPEC members agreed to cut their combined output by 800-thousand barrels per day, while non-OPEC allies including Russia will reduce output by 400-thousand barrels per day.
Brent crude, an international benchmark for oil prices,... soared five percent on the news, trading at 63 U.S. dollars a barrel.
The agreement came as the oil industry is grappling with a roughly 30 percent fall in prices since October.