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IS - OPEC & partners agree to increase production cuts for 1Q20 - December 2019



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OPEC+ members met in Vienna on Dec. 6 and agreed to 500,000 bo/d of additional cuts for 1Q20. The agreement will bring the organization’s total cuts to 1.7 MMbo/d in 1Q20, with Saudi Arabia and several other countries continuing voluntary reductions that increase that figure to more than 2.1 MMbo/d. Saudi Arabia has been reducing its output more than required to offset non-compliance and overproduction from Iraq and Nigeria, and it may shoulder more......
 
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