Iran’s oil minister says non-OPEC countries agree to cut oil production by 600,000 barrels

TASS- Countries outside OPEC are going to reduce oil production by 600,000 barrels per day from January 1, 2017, Iranian Oil Minister Bijan Namdar Zangeneh told reporters.

“The non-OPEC meeting participants agreed to reduce oil production by around 600,000 barrels per day from January 1,” he said.

Ministers from countries members of OPEC and the countries outside of the organization met in Vienna to discuss stabilization of the oil market. The meeting attended by 12 non-OPEC countries lasted for 56 hours. The meeting between OPEC, non-OPEC countries finished after 6 hours of negotiations.

On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries will reduce their daily average output by 1.164 mln barrels starting January 1, 2017.