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OPEC and its allies decide to cut oil production

Published: 16th Dec, 2019

  • OPEC group of oil-producing countries and their allies, including Russia, have decided to cut oil production by 500,000 barrels per day.
  • They agreed to reduce production to stem pressure on prices from abundant reserves and weak global economic growth.

About

  • OPEC group of oil-producing countries and their allies, including Russia, have decided to cut oil production by 500,000 barrels per day.
  • They agreed to reduce production to stem pressure on prices from abundant reserves and weak global economic growth.

About Organization of the Petroleum Exporting Countries (OPEC):

  • The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
  • These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018).
  • Qatar terminated its membership on 1 January 2019.
  • OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.

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