OPEC
After seven hours of deliberation, the Organisation of Petroleum Exporting Countries (OPEC) has agreed to reduce oil production by around 1.2 million barrels per day from January 1, 2017.
However, Nigeria and Libya were exempted from the cut, while Indonesia suspended its membership after refusing to agree to the deal.
Qatar’s Minister of Energy and Industry, Dr Mohammed Al-Sada, said this at a news conference at the end of the 171 meeting of the Conference of the OPEC on Wednesday in Vienna.
The meeting started at about 9.30 a.m. and lasted till about 5.30 p.m.
This is the first time since 2008 that an agreement of this nature was reached to reduce supply in spite of several attempts.
“This agreement was reached following extensive consultations and understanding reached with key non-OPEC countries, including the…
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