OPEC to release production cut country quotas

OPEC to release production cut country quotas

OPEC plans to publish a document detailing voluntary output cut quotas for its members and allies, including Russia, in an effort to secure oil prices.

The release of the document was confirmed in a letter written by OPEC’s secretary general, which had been seen by Reuters.

Mohammad Barkindo said the effective reduction for member countries was 3.02% in order to reach the proposed 1.2 million barrels per day reduction it set out earlier this month.

The figure from the letter is significantly higher than the 2.5% reduction that was initially discussed as the bloc looks to accommodate Iran, Libya and Venezuela, which have been exempt from the requirements due to their internal troubles.

Delegates from the bloc said the deal would help reduce concerns over the supply glut, that as pushed price down by 30% over the past two months.

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