OPEC and allies take 1.2 mln barrels of the market

By 07/12/2018 September 27th, 2019 No Comments

OPEC, Russian and several other big oil producers have reached a deal to cut oil production to support market. Oil-rich countries had hard two days negotiations in headquarters in Vienna, Austria.
OPEC and Russia will cut production up to 1.2 million barrels for the first six months of 2019. OPEC cartel has reached an agreement to reduce its output by 800,000 bpd, while Russia and the several allied producers will contribute a 400,000 bpd reduction.
Brent crude oil was trading at $63 a barrel, up 4.9 percent, at 12:50 a.m. ET (1615 GMT). West Texas Intermediate (WTI) was trading at $53.69, around 4.3 percent higher.

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