OPEC agrees to cut output by 1.2m barrels a day

Baku, December 7, AZERTAC OPEC and its oil producing allies reached an agreement to cut production by 1.2m barrels a day. The deal was hammered out at the OPEC secretariat in Vienna. The 1.2m b/d cut will be split 800,000 b/d for OPEC members and 400,000 b/d for countries outside the cartel. Azerbaijan`s Energy Minister Parviz Shahbazov participated in the event.