Non-OPEC producers agree to cut oil output

Non-OPEC producers on Saturday agreed to curtail oil output jointly by 558,000 barrels a day for six months starting January 1. According to national news agency WAM the announcement was made after an OPEC and non-OPEC ministerial meeting in Vienna. Those non-member cuts come on top of an OPEC decision on November 30 to reduce member output by 1.2 million barrels a day. "The meeting recorded that OPEC member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market and underscored the importance of other oil producing countries joining their efforts," OPEC said in a press release.

More from Business

Recently Played

Latest Blogs

  • PINOY BULLETIN: JUNE 02 - 06, 2025

    Pinoy Expat Corner

    Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.

  • PINOY BULLETIN: MAY 26 - 30, 2025

    Pinoy Expat Corner

    Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.