Opec, non-Opec meeting: Agreement to cut 1.2m bpd to rebalance oil markets

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Oil-producing countries agreed to cut production by 1.2 million barrels per day from January 2019 for six months to rebalance oil markets and support oil prices.

 

Brent crude, the international standard, up $3.11 a barrel, or 5.2 percent, at $63.17 on the news. Benchmark New York crude was $2.23, or 4.3 percent, higher at $53.72 a barrel.

At a crucial meeting on Friday in Vienna, Opec and non-Opec members like Russia resisted pressure from US president Donald Trump to reduce production to prop up oil prices. Trump insisted on lower oil prices and more output from Opec.

 

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