During a meeting in Vienna held on November 30th, OPEC members decided to implement a new OPEC-14 production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day during the meeting held December 10th. OPEC and non-OPEC countries have pledged to implement the reached deal from Jan.1, 2017.
What are the oil market’s main take-aways for OPEC in 2016? Trend News Agency from Azerbaijan spoke about the matter with Sijbren de Jong. The full article can be read here.
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