OPEC and its partners agree to further cut production by 500,000 barrels per day

Vienna-Sana

The members of the Organization of Petroleum Exporting Countries (OPEC) and their partners, including Russia, agreed to further reduce their oil production by at least an additional 500 thousand barrels per day to support crude prices.

According to the AP, a statement issued by the group after a meeting in Vienna today that this reduction will raise the production limit to 1.7 million barrels per day for the group of 24 countries as of January 1 next.

The statement added: "The OPEC and its partners will hold a special meeting on the sixth of next March."

Oil prices rose after the announcement and West Texas Intermediate and European Brent crude rose nearly two percent.

OPEC countries wanted to cut production to stem pressure on prices from abundant stocks and weak global economic growth.