OPEC agrees to cut in oil production

VIENNA — Iraq’s representative in OPEC says the oil cartel has agreed to a proposal that will see global oil production reduced by 1.2 million barrels a day.

According to Thamir Ghadhban, the proposed cut would be made up of 800,000 barrels per day from OPEC countries and 400,000 barrels from non-OPEC nations.

The proposed cut was in line with the 1 million to 1.3 million barrels per day expected by analysts.

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