Opec strikes deal with Russia to cut crude oil production
The countries of the Opec oil-producing cartel and ally Russia have agreed to cut crude production by an extra 500,000 barrels a day.
Russian energy minister Alexander Novak announced the decision on Friday.
The group’s goal is to to support the price of fuel and energy around the world.
#ICYMI: Highlights of opening session of the 7th #OPEC and non-OPEC Ministerial meeting. pic.twitter.com/AQoGhz8BLZ
— OPEC (@OPECSecretariat) December 6, 2019
But they also do not want to lose global market share to the United States, which keeps pumping more oil.
The decision came after long talks at the Opec headquarters in Vienna.
