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OPEC members Iraq, Nigeria agree to cut oil output

ITN News Editor
By ITN News Editor September 13, 2019 17:28

OPEC members Iraq, Nigeria agree to cut oil output

OPEC agreed to trim oil output by asking over-producing members Iraq and Nigeria to bring production in line with their targets as the group strives to prevent a glut amid soaring U.S. production and a slowing global economy. Oil prices have dropped below $60 per barrel in recent weeks from their 2019 peaks of $75 as fears of a global recession outweigh concerns about falling supply from sanctions-hit Iran and Venezuela. A market-monitoring committee formed by the Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, met in Abu Dhabi ahead of their policy discussions in Vienna in December.

 

 

 

ITN News Editor
By ITN News Editor September 13, 2019 17:28

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