ECONOMY


Non-Opec nations said to agree to oil production cuts

Baku, December 10, AZERTAC

Russia and several other non-Opec nations pledged to curb oil production next year by more than 600,000 barrels a day at a meeting in Vienna on Saturday, according to The National, the UAE's premier news source.

Bloomberg reported citing a delegate source.

It is the first such pact between the two sides in 15 years and follows last month’s agreement by Opec to reduce its own production by 1.2 million barrels a day.

"We managed to gather 25 countries from Opec and non-Opec with the idea of stabilizing the oil market and defending a fair price for our commodity," Venezuelan Energy Minister Eulogio del Pino said before the meeting.

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