[AnNahar] The OPEC group of oil producing countries and their allies -- including Russia -- agreed on Friday to a production cut of 500,000 barrels per day in addition to their current agreement.Ministers gathered at OPEC headquarters in Vienna "decided for an additional adjustment of 500 (thousand barrels per day)", effective as of 1 January 2020, according to a statement issued after the meeting.
This would bring production 1.7 million barrels per day below October 2018 levels.
However,
nothing needs reforming like other people's bad habits...
the group said that "in addition, several participating countries, mainly Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
, will continue their additional voluntary contributions," meaning the overall production cut would be 2.1 million barrels per day.
The statement said that OPEC and its partners in the so-called OPEC+ grouping would convene for a special meeting on 6 March.
OPEC members had been aiming for a cut in order to stem pressure on prices from abundant reserves and weak global economic growth.
Oil prices surged following the announcement, with U.S. benchmark WTI and its Europe
...the land mass occupying the space between the English Channel and the Urals, also known as Moslem Lebensraum...an counterpart Brent both nearly two percent higher shortly after 1500 GMT.
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