OPEC announces 1.2m bbl/day oil production cut, Russia to cut 300,000 bbl/day

摘要

LONDON (ICIS)--OPEC members have agreed to cut crude oil production by 1.2m bbl/day to 32.5m bbl/day from 1 January 2017, president Mohammed Al-Sada said on Wednesday. The OPEC cuts would be subject to a production cutback by non-OPEC producers of 600,000 bbl/day. Russia had committed to cut output by 300,000 bbl/day, Al-Sada said in a press conference.