OPEC members sat down Tuesday in Vienna with non-OPEC producers to finalize a plan to cut production, reportedly by 400,000 bpd, for another nine months in a bid to shore up prices at a time of waning demand.
The 10 non-OPEC nations present at the meeting at OPEC’s headquarters in Vienna include Mexico, Bahrain, Oman and Kazakhstan. The United States, one of the world’s major oil producers, is not involved in the discussions and won’t be bound by any agreement.
On Monday, OPEC agreed to extend oil supply cuts, by 800,000 bpd, until March 2020 as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production.
The total oil cut approved by OPEC and non-OPEC is 1.2 million bpd, accordingly.
In the Monday meeting, Iran, however, was exempted from OPEC members agreement to continue capping the producer body’s crude oil output .
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