Navigation
Suscribe
Menu Search Facebook Twitter
Search Close
Menu ALL SECTIONS
  • Capital Coahuila
  • Capital Hidalgo
  • Capital Jalisco
  • Capital Morelos
  • Capital Oaxaca
  • Capital Puebla
  • Capital Quintana Roo
  • Capital Querétaro
  • Capital Veracruz
  • Capital México
  • Capital Michoacán
  • Capital Mujer
  • Reporte Índigo
  • Estadio Deportes
  • The News
  • Efekto
  • Diario DF
  • Capital Edo. de Méx.
  • Green TV
  • Revista Cambio
Radio Capital
Pirata FM
Capital Máxima
Capital FM
Digital
Prensa
Radio
TV
X
Newsletter
Facebook Twitter
X Welcome! Subscribe to our newsletter and receive news, data, statistical and exclusive promotions for subscribers
World

OPEC Agrees to Cut Output to Push Up Oil Prices

Al-Sada said that Saudia Arabia, the biggest OPEC producer, will cut 486,000 barrels from its production of more than 10 million

Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of Qatar and President of the OPEC Conference talks with Mohammad Sanusi Barkindo, from left, OPEC Secretary General of Nigeria prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, photo: AP/Ronald Zak
9 months ago

OPEC has agreed to cut its oil production for the first time in eight years in an effort to boost crude prices.

The cartel will cut 1.2 million barrels a day from its present output after its 14 members put aside differences at a meeting Wednesday to agree on individual production levels.

The move, which will leave OPEC output at 32.5 million barrels a day, is to take effect in January, said OPEC President Mohammed Bin Saleh Al-Sada.

Al-Sada said major non-OPEC producers were ready to act in concert with OPEC and tentatively planning to reduce their output. He did not list the countries involved beyond saying Russia was prepared to cut 300,000 barrels from its output of more than 10 million barrels a day.

Al-Sada also announced that Indonesia had suspended its membership rather than agree to its share of cuts.

The price of crude, which had soared earlier in the day amid anticipation of a deal, rose further. The international benchmark was up $3.48, or 7.4 percent, at $49.86 a barrel.

A production cut could have a lasting impact on consumers as oil price increases feed into the cost of car fuel, heating and electricity. It could also restore some authority to OPEC as an arbiter of prices and supplies after years of inconclusive meetings undermined by infighting.

One of the biggest hurdles had been a rivalry between Saudi Arabia and Iran, whose struggle for dominance in the Mideast is also playing out in the Organization of the Petroleum Exporting Countries.

The Saudis have long been hesitant to shoulder the lion’s share of a cut, while Iran has resisted reducing its own production. It argues it has yet to recover its output levels hit by years of sanctions.

Al-Sada said that Saudia Arabia, the biggest OPEC producer, will cut 486,000 barrels from its production of more than 10 million barrels a day.

Comments Whatsapp Twitter Facebook Share
More From The News
Sports

Muguruza Rallies to Reach Cincinnati Qua ...

6 hours ago
World

Cambodian Medic Who Spread HIV Asks for ...

6 hours ago
World

Cash Family: Keep Johnny's Name Away fro ...

6 hours ago
World

UN Chief: Saudi Coalition Attacks Killed ...

7 hours ago
Most Popular

Neuroscientist Who Studied Einstein's Br ...

By The Associated Press
World

UAEM Celebrates 45th Anniversary of Medi ...

By The News
Mexico

German Toolmakers Open up Shop in San Mi ...

By Ricardo Castillo
Business

Transport Workers in Morelos Now Able to ...

By Notimex
Mexico

Police Kill Barcelona Driver Who Ran Che ...

By The Associated Press
World