OPEC, Russia agree to slash oil output despite Trump pressure

  • Saturday 08, December 2018 in 12:46 PM
  • During the meeting in the OPEC headquarters in Vienna, Austria
Sharjah 24 – Reuters: OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price of crude.
The producer club will curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. 
Oil prices jumped about 5 percent to more than $63 a barrel as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected.