VIENNA (AP) — OPEC has agreed to cut 1.2 million barrels a day from its present output — the first cutback in eight years —after its 14 members put aside differences to agree on individual production levels.
The move, which will leave OPEC output at 32. 5 million barrels a day is to take effect in January.
It was announced by OPEC President Secretary General Mohammed Bin Saleh Al-Sada at the end of the meeting Wednesday. He also said major non-OPEC producers were ready to act in concert with OPEC and tentatively planning to reduce their output.
He did not list the countries involved beyond Russia saying Russia was prepared to cut 300,000 barrels from its output of more than 10 million barrels a day.
The decision to cut production could have a lasting impact on consumers, as oil price increases feed into the cost of car fuel, heating and electricity.