Reuters: OPEC reaches deal to cut oil production

OPEC has reportedly reached an agreement on oil production cut during its meeting in Vienna on Wednesday.

While there is no official confirmation as of yet, Reuters has informed, citing unnamed source that OPEC members have agreed to implement the output cuts they’d agreed on in Algiers in September.

To remind, OPEC members in Algiers on September 28, agreed in principle on a new production target range of 32.5 million barrels per day, which should speed up the drawdown of the stock overhang and bringing the market rebalancing forward.

The current production levels reportedly stand at around 33.6 million barrels a day. If this turns out to be true, the production cut deal would be a first such OPEC agreement since 2008.

Update: OPEC agrees first output cut since 2008, details unclear

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 1 2 3

19th Annual Arctic Oil & Gas Symposium

CI Energy’s 19th Annual Arctic Oil & Gas Symposium has brought together hundreds…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

INTERNATIONAL PETROLEUM WEEK 2019

International Petroleum (IP) Week is a renowned and respected fixture in the annual calendar…

read more >

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply