OPEC and allies agree to jointly cut crude output by 1.2 mln bpd

VIENNA, Dec. 7 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC oil producers on Friday agreed to jointly cut the crude production by 1.2 million barrels per day, to be implemented in January 2019 for an initial period of six months.

According to the agreement reached, OPEC member states contribute 0.8 million bpd output cut and Non-OPEC oil pumpers including Russia contribute 0.4 million bpd output cut from the production of October level. But the details of the quota for each member state are not given.