ShippingWatch

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs