Non-OPEC oil producers to cut output 558,000 barrels a day | iNFOnews.ca
Persons stand in front of the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna, Austria, Saturday, Dec. 10, 2016. OPEC member states are meeting with Russia and other non-OPEC countries in Vienna for talks about a reduction in oil production. Secretary General Mohammed Barkindo said the discussions began Saturday in a "positive atmosphere" at the headquarters of the oil producers' cartel. (AP Photo/Ronald Zak)

Non-OPEC oil producers to cut output 558,000 barrels a day

VIENNA – OPEC has persuaded 11 non-member countries to cut their oil production in an attempt to raise low prices that have put pressure on government finances in resource-dependent countries.

Qatari Energy Minister Mohammed bin Saleh al-Sada said Saturday that non-members agreed to cut 558,000 barrels per day, less than the 600,000 OPEC had hoped for.

Those non-member cuts would come on top of an OPEC decision Nov. 30 to reduce member output by 1.2 million barrels a day.

Major oil producers such as Russia and Saudi Arabia have seen an oil glut send prices lower and cramp their state budgets. It remains to be seen whether an OPEC-led cutback will do much to raise prices, given members’ track record of exceeding agreed production amounts.

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