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 (bdp), 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.
The deal was reached after Iran was granted exemption from curbing its output due to U.S. sanctions.
The surge of U.S. oil production, which has increased by 2.5 million bpd since early 2016 to 11.7 million bpd, has given OPEC and other oil pumpers more pressure in global market competition.
The joint output cut decision made by OPEC and non-OPEC members came at a time when oil prices declined around 30 percent over the last two months due to over supply in the global crude market.
