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OPEC, allies agree to reduce crude production by 1.2 million barrels/day 12/8/2018 10:31:25 AM Agencies Vienna [Austria]: In an aim to boost global oil markets, member countries of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies on Friday decided to slash crude oil production by 1.2 million barrels per day. The agreement is set to be implemented in January 2019, Xinhua reported. The 15-member group agreed to cut crude oil output by 800,000 barrels per day, while Russia and its allied producers would slash oil production by around 400,000 barrels per day. Prior to the meeting, Saudi Arabia, the de facto leader of the OPEC, had said that the group would "seriously consider" the views of Prime Minister Narendra Modi and United States President Donald Trump on lowering global crude oil prices.   Share This News with Your Friends on Social Network     Comment on this Story

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