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OPEC agrees to cut oil production

OPEC agrees to cut oil production

Moving to prop up prices, OPEC and its oil-producing allies agreed on 07 Dec to cut production by 1.2 million barrels a day despite pressure from President Trump to maintain current output levels and keep prices low.

Saudi Arabia, OPEC’s de facto leader, will make the biggest cut. Russia, which is not an OPEC member but is an increasingly important factor in global oil markets, will account for much of the rest.

Members of the Organization of the Petroleum Exporting Countries are supposed to make cuts totaling 800,000 barrels a day from an October baseline, with Russia and other nonmembers cutting 400,000 barrels a day.

OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 15nations, founded in 1960 in Baghdad by the first five members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

OPEC is headquartered in Vienna, Austria.                                 

The 15 members of OPEC accounts for an estimated 44 percent of global oil production. This it gives OPEC a major influence over the oil prices in the world.

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