Opec to release country quotas for oil output cut
The table detailing voluntary output cut quotas for its members and allies is in an effort to shore up prices
20 December 2018 - 12:07
London — Oil cartel Opec plans to release a table detailing voluntary output cut quotas for its members and allies, such as Russia, in an effort to shore up prices, Opec’s secretary-general said in a letter seen by Reuters on Thursday. Mohammad Barkindo said to reach the proposed cut of 1.2-million barrels per day (bpd), the effective reduction for member countries was 3.02%. This is higher than the initially discussed 2.5% as Opec seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut. Sources had initially said Opec would not publish individual quotas. Reuters
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