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OPEC Persuades 11 Non-members to Cut Oil Production by webdesk@voanews.com (VOA News)
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| OPEC Persuades 11 Non-members to Cut Oil Production by webdesk@voanews.com (VOA News) |
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| Article Posted: 12/10/2016 |
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OPEC Persuades 11 Non-members to Cut Oil Production |
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The cartel of oil-producing countries known as OPEC has persuaded 11 non-member countries to slash oil production as a way to raise the low price of oil, which has caused financial stress for the oil producers.
OPEC President and Qatar Energy Minister Mohammed bin Saleh al-Sada said Saturday that those non-member countries agreed to cut production by a little more than 550,000 barrels per day as a way to stabilize the market and encourage industry investment.
Production cuts in Russia...
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