Opec’s Mohammed Barkindo. Picture: AFP/PIUS UTOMI EKPEI
Opec’s Mohammed Barkindo. Picture: AFP/PIUS UTOMI EKPEI

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