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OPEC & Non-Opec Countries Agree to Cut Oil Production

Source: www.gulfoilandgas.com 12/9/2019, Location: Europe

A Meeting of the OPEC Countries was held in Vienna, Austria, on Thursday, 5 December 2019. The OPEC Countries decided to approve additional production cuts of 500 tbpd. This production cuts will be effective as of 1 January 2020. So the cuts for the group will be increased to 1.7 million bpd. All OPEC Countries, as well as non-OPEC countries participating in the (DoC) commit to achieve the additional production cuts in the market.

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