VIENNA | The Latest: OPEC agrees to cut in oil production
VIENNA— The Latest on the OPEC oil meeting (all times local):
5:05 p.m.
OPEC’s president says the oil cartel in conjunction with non-OPEC producers including Russia have agreed to cut oil production by 1.2 million barrels a day in January for six months.
Suhail Mohamed al-Mazrouei, who is also the United Arab Emirates’ energy minister, said at the conclusion of a two-day meeting in Vienna, that the reduction is a “major step forward.”
OPEC countries, including Saudi Arabia and the UAE, will cut production by 800,000 barrels a day while non-OPEC countries will trim 400,000.
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