OPEC agrees to cut output by 1.2m barrels a day

Baku, December 7, AZERTAC

OPEC and its oil producing allies reached an agreement to cut production by 1.2m barrels a day. The deal was hammered out at the OPEC secretariat in Vienna.

The 1.2m b/d cut will be split 800,000 b/d for OPEC members and 400,000 b/d for countries outside the cartel.

Azerbaijan`s Energy Minister Parviz Shahbazov participated in the event.

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