The OPEC oil cartel reached a deal on Wednesday to reduce its output for the first time in eight years, Qatar's energy minister and president of the OPEC conference said.
The reduction by OPEC will be "1.2 million barrels per day, to bring its ceiling to 32.5 million barrels per day," Mohammed Bin Saleh Al-Sada told a news conference in Vienna. Supply will drop to 32.5 million barrels a day from January. OPEC is a cartel of 14 major oil exporters, including Saudi Arabia, Iran, and Iraq, that account for one-third of global production.
He said that non-member Russia has committed to reducing its output by 300,000 barrels per day, half of a hoped-for 600,000 barrels per day from outside the cartel.
(with agencies input)