OPEC, allies agree to reduce crude production by 1.2 mn bpd

VIENNA: The Organization of the Petroleum Exporting Countries (OPEC) and allied producers agreed to lower their production of crude oil by 1.2 million barrels per day for a six-month period.

The measure, which was spearheaded by Russia, will come into effect on January 1.

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The OPEC‘s decision was announced to the press by Iran’s Oil Minister, Bijan Zanganeh, at the end of the meeting between 24 oil-producing countries, Efe news reported on Friday.

Zanganeh added that he was satisfied by the fact that Iran remained exempt from the commitment to reduce oil production.