The Organization of the Petroleum Exporting Countries and Russia agreed on Thursday to make further small cuts in oil production to firm up crude prices and compensate for higher output from the United States and other producers outside the cartel. Meeting in Vienna, the cartel and Russia decided to deepen recurring cuts over the last three years by an additional 500,000 barrels a day, the equivalent of a half of one percent of global output, through the end of March 2020. An official announcement of the decision will come on Friday, but the main outlines of an agreement were told to analysts attending the conference. Oil prices barely moved on the news, largely because it will take time to see whether producers abide by the agreement.

Source: New York Times December 05, 2019 21:26 UTC