Media: OPEC to cut 1.2 million barrels per day

The OPEC member states have now agreed to slash their output by 1.2 million barrels of oil per day, reports Bloomberg citing a delegate at the OPEC meeting in Vienna. The oil price soars on the news.

Photo: /ritzau/Nabil al-Jurani/Arkiv

The price of a barrel of oil in London soars 7.6 percent to to USD 49.90 dollars at 1.23 pm CET after the OPEC member states reach agreement, reports Bloomberg, citing a delegate present at the meeting in Vienna who wishes to remain anonymous, as the decision has yet to be made public.

According to the delegate, OPEC will slash its oil production by 1.2 million barrels per day, to 32.5 million barrels per day. Bloomberg also reports that Saudi Arabia has allegedly agreed to let Iran increase its production to 3.9 million barrels per day.

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