OPEC Seeks Cuts From Nations Pumping a Fifth of Oil
- Russia already pledged output cut of 300,000 barrels a day
- Sec-Gen Barkindo invites Mexico, Kazakhstan and Oman to Vienna
The Broader Implications of OPEC's Output Agreement
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OPEC has invited 14 other crude producers, who together pump about a fifth of the world’s oil, to talks this week in Vienna aimed at securing wider cooperation with production cuts.
Russia already committed to reduce its output by 300,000 barrels a day following the Organization of Petroleum Exporting Countries’ agreement last week to a production cut of 1.2 million, Secretary-General Mohammad Barkindo said on Monday at the PetroTech conference in New Delhi. Major producers including Mexico and Kazakhstan, along with relative minnows like Bolivia and Uzbekistan, have been asked to attend talks with OPEC ministers in the Austrian capital on Dec. 10, he said.