Opec, allies agree on 500,000-bpd additional production cut in Jan-Mar 2020

Oil producers led by Saudi Arabia and Russia agreed on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March. The countries involved pump over 40% of the world's oil, and their new combined cuts amount to 1.

7 million bpd or 1.7% of global production. A panel of energy ministers representing the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia recommended the deeper cut on Thursday, Russian Energy Minister.....

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