OPEC, Russia agree production cuts exempting Iran
212 views · Published 12 December 2018 · 2:05 · Indexed 24 September 2026
Channel: AP Archive · 2018 · News & Politics
(7 Dec 2018) Oil prices spiked sharply higher Friday after the Organisation of the Petroleum Exporting Countries (OPEC) agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Following two days of meetings, United Arab Emirates' Energy Minister Suhail Mohamed al-Mazrouei, who chairs the meeting in Vienna, announced that OPEC countries, including the likes of Saudi Arabia and Iraq, would cut 800 thousand barrels per day for six months from January. Some countries such as Iran and Venezuela, which are facing wide-ranging sanctions from the United States, have been given an exemption. The balance will come from Russia and other non-OPEC countries. The United States, one of the world's biggest producers, is not part of the deal. Oil producers have been under pressure to reduce production following a sharp fall in oil prices over the past couple of months. The price of oil has fallen about 25 percent recently because major producers — including the U.S. — are pumping oil at high rates. The reduction has certainly met with the response hoped for by ministers as it was at the upper end of most predictions. Following the announcement, Brent crude, the international standard, was up 4.7 per cent. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/ea6eb5e8cbd20e54e1bdb3aa91eebd65
