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OPEC, Russia to reduce production by 1.2 MMbo/d
OPEC and a group of non-OPEC countries led by Russia have agreed to cut production by 1.2 MMbo/d in an effort to stem the recent decline in prices, which have slid 30% in recent weeks. Oil prices spiked 4.5% in the hours following the announcement but have since settled back into their prior range amid concerns of weak demand. The total consists of a cut of 800,000 bo/d for OPEC members and another 400,000 bo/d for Russia and nine other non-OPEC producers. The cuts are scheduled to......
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