OPEC agrees to cut output to push up oil price

SHARE OPEC agrees to cut output to push up oil price
ap16335352754655.jpg

Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, prior to the start of an OPEC meeting. | AP Photo

VIENNA — 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 Latest
Senators tasked with clearing Gov. J.B. Pritzker’s appointments are raising concerns over his renomination of Illinois Emergency Management Agency Director Alicia Tate-Nadeau after the Sun-Times last year reported an executive assistant accounted for more than $240,000 in billings.
White Sox fans from all over will flock to Guaranteed Rate Field on Thursday for the team’s home opener against the Tigers.
Fans, some in costume, tailgate in the parking lots of Guaranteed Rate Field hours before the White Sox and Detroit Tigers kick off the 2024 seasons Thursday afternoon. Some weigh in on the proposed South Loop stadium.
Two weeks after the migrant eviction policy went into effect in Chicago, City Council members said not enough information on migrants exiting the shelter system has been provided.