We finally get the details of the cuts...
OPEC Members Promise to Cut Oil Output 1.7 Mln Barrels a Day, Platt's Says
London, March 16 (Bloomberg) -- Ten nations of the
Organization of Petroleum Exporting Countries will cut output by
1.717 million barrels a day, Platt's Global Alert reported,
citing delegates to the 11-nation group. The cuts will be
effective April 1 and are part of a plan by OPEC nations and
countries outside the group to cut world oil output more than 2
million barrels a day. The group is set to meet March 23 to
ratify the agreement, which calls for specific cuts as follows:
Algeria, 58,000 barrels a day; Indonesia, 93,000 barrels a day;
Iran, 264,000 barrels a day; Kuwait, 144,000 barrels a day;
Libya, 96,000 barrels a day; Nigeria, 148,000 barrels a day;
Qatar, 47,000 barrels a day; Saudi Arabia, 585,000 barrels a
day; United Arab Emirates, 157,000 barrels a day; and Venezuela,
125,000 barrels a day.
The 10 OPEC nations involved in the cuts produced 24.940
million barrels of oil a day in February, a figure they want to
cut to try to boost oil prices.
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