OPEC agrees tentative oil cut, waits for Russia to commit
Thursday, 6 December 2018 () OPEC tentatively agreed an oil-output cut on Thursday but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.
According to Reuters, oil prices rallied after OPEC agreed to reduce output.
On the day, Brent crude oil rose almost $3 to $63.00 a barrel, while West Texas Intermediate gained $2.20, rising to $53.69..
According to Reuters, OPEC and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected. The producer club will curb output by..
According to Business Insider, OPEC+ and Russia have agreed to cut production by 1.2 million barrels, reducing tensions around crude oil prices after two days of fractious discussion in Vienna. Brent..