OPEC, non-OPEC countries agree to slow oil output to increase prices

Russia's Energy Minister Alexander Novak (L), OPEC President Qatar's Energy Minister Mohammed bin Saleh al-Sada and Saudi Arabia's energy minister Khalid al-Falih (R). Dec. 10, 2016. (Reuters Photo)11/12/2016 (Sabah – Turkey): Eleven non-OPEC oil-producing countries have agreed to slash their output by 558,000 barrels per day (bpd), following OPEC’s recent decision to cut its own output, OPEC President Mohammed al-Sada said on Saturday. The newly agreed cut was lower than a figure cited earlier by the Nigerian oil ministry, and also lower than the target of 600,000 that the Organization of the Petroleum Exporting Countries (OPEC) had envisioned for countries outside its group. OPEC decided last week to reduce its output by 1.2 million bpd from January to boost the currently low prices and to increase their government revenues…

http://www.dailysabah.com/energy/2016/12/10/opec-non-opec-countries-agree-to-slow-oil-output-to-increase-prices

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