Non-Opec countries formally agreed to joint market action with their Opec counterparts for the first time in 15 years on Saturday, pledging to reduce production by more than 550,000 barrels per day at a meeting in Vienna. Russia will shoulder more than half of the 558,000 b/d non-Opec cut, trimming its output by 300,000 b/d, with the remainder split among 10 other countries. All participating states will cut from October levels, with the exception of Kazakhstan, when the deal comes into force in January for an initial six months.
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