OPEC agrees to cut oil production

OPEC agrees to cut oil production6Photo© hindustantimes.com

OPEC agrees to cut oil production

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The Organisation of the Petroleum Exporting Countries (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.

Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg. Mr. Novak returns to the Austrian capital on Friday for discussions among Saudi-led OPEC and the group's allies.

The price of crude has fallen almost a third since October but U.S. President Donald Trump has demanded the Organisation of the Petroleum Exporting Countries make oil even cheaper by refraining from output cuts.