OPEC+ Agreed To Additionally Reduce Production By 500,000 Bpd In Q1 Of 2020 - Novak

Mohammad Ali (@ChaudhryMAli88) Published December 06, 2019 | 09:49 PM

The OPEC and non-OPEC oil producer countries have agreed to additionally reduce oil output by 500,000 barrels daily in the first quarter of 2020, Russian Energy Minister Alexander Novak said on Friday

MOSCOW (UrduPoint News / Sputnik - 06th December, 2019) The OPEC and non-OPEC oil producer countries have agreed to additionally reduce oil output by 500,000 barrels daily in the first quarter of 2020, Russian Energy Minister Alexander Novak said on Friday.

"We have come to a conclusion that during the period of demand decline in the first quarter, it would be viable to balance the market and additionally secure the reduction of production ... The OPEC and non-OPEC countries have decided that from January 1, 2020, until the expiration of the agreement - meaning the first quarter - to additionally reduce production in the amount of 500,000 barrels a day," Novak said at a press conference following the OPEC+ meeting.