cloudy
Tuesday December 11th, 2018 2:00AM

The Latest: OPEC backs 6-month oil production cut package

By The Associated Press
Related Articles
  Contact Editor

VIENNA (AP) — The Latest on the OPEC oil meeting (all times local):

5:05 p.m.

OPEC's president says the oil cartel in conjunction with non-OPEC producers including Russia have agreed to cut oil production by 1.2 million barrels a day in January for six months.

Suhail Mohamed al-Mazrouei, who is also the United Arab Emirates' energy minister, said at the conclusion of a two-day meeting in Vienna, that the reduction is a "major step forward."

OPEC countries, including Saudi Arabia and the UAE, will cut production by 800,000 barrels a day while non-OPEC countries will trim 400,000.

Oil producers have been under pressure to reduce production following a sharp fall in oil prices over the past couple of months. The price of oil has fallen about 25 percent recently because major producers, including the U.S. which is not party to the agreement, are pumping oil at high rates.

___

4 p.m.

Iraq's representative in OPEC says the oil cartel has agreed to a proposal that will see global oil production reduced by 1.2 million barrels a day.

According to Thamir Ghadhban, the proposed cut would be made up of 800,000 barrels per day from OPEC countries and 400,000 barrels from non-OPEC nations.

The proposed cut was in line with the 1 million to 1.3 million barrels per day expected by analysts.

___

11:10 a.m.

OPEC countries are mulling a possible cut to oil production in an attempt to stabilize prices as they meet for a second straight day.

Heavyweight Saudi Arabia has been pushing a cut of about 1 million barrels a day, but the oil cartel was not able to make a decision on Thursday.

Analysts say they're likely waiting to hear from non-OPEC Russia to better coordinate the cut.

Heading in to Friday's meeting in Vienna, Nigerian Petroleum Minister Ibe Kachikwu told reporters he was "hopeful" the nations would be able to reach an agreement.

Ahead of the meeting Brent, the international standard, was down 59 cents at $59.47 a barrel while benchmark New York crude was 61 cents lower at $50.88.

Oil prices have fallen about 25 percent in recent months.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Industries, AP Business - Utilities
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
China pressures US, Canada ahead of Huawei hearing
China ups pressure on US, Canada for release of top Chinese technology executive
2:39AM ( 26 minutes ago )
Reports: Ghosn, Kelly, Nissan charged for underreporting pay
Japan prosecutors charge Ghosn, Nissan and 2nd executive for underreporting income
2:35AM ( 30 minutes ago )
Reports: Ghosn, Kelly, Nissan charged in underreported pay
Japan prosecutors extend detention of Nissan ex-chairman Ghosn, adding to allegations of underreported income
2:07AM ( 58 minutes ago )
Associated Press (AP)
Musk suggests Tesla's new chairwoman won't rein him in
Elon Musk dismisses the idea that Tesla's new chairwoman will have much control over his behavior
12:10AM ( 2 hours ago )
Big investors call for carbon price, end to coal power
More than 450 asset managers, including major pension funds and insurance companies, are calling on governments to phase out coal-fired power plants and put a meaningful price on carbon to help tackle climate change
12:07AM ( 2 hours ago )
Japan's economy contracts 2.5 pct in 3Q on weaker spending
Japan economy contracts 2.5 pct in July-Sept on weaker spending
11:37PM ( 3 hours ago )
AP Business
Armenia premier's bloc winning vote, early returns show
Early returns from Armenia's snap parliamentary election show the prime minister's bloc with a commanding lead _ the outcome that would further consolidate his power
3:48PM ( 11 hours ago )
UK leader warns of 'uncharted waters' if Brexit deal nixed
Britain's Parliament resumes debate on Monday, a day before a crucial vote on whether to accept or reject a Brexit deal
1:44PM ( 13 hours ago )
Amazon touted as big win for NY, but math is more complex
Elected officials say the deal to bring a new Amazon headquarters to New York City is a big win for taxpayers, but the math behind billions of dollars in tax breaks and incentives isn't that simple
1:11PM ( 13 hours ago )
AP Business - Economy
Panel to take closely watched vote on pipeline station
A massive winter storm delayed a key vote on a contested natural gas pipeline infrastructure project.
7:07PM ( 7 hours ago )
Average US price of gas drops 22 cents per gallon to $2.51
The average U.S. price of regular-grade gasoline has plummeted 22 cents a gallon over the past three weeks, to $2.51
3:01PM ( 12 hours ago )
US states to meet at deadline on Colorado River drought plan
With drought continuing and reservoirs shrinking, seven Southwestern U.S. states that depend on the Colorado River had been expected to ink a crucial share-the-pain contingency plan by the end of 2018
2:45PM ( 12 hours ago )
AP Business - Industries
Technology companies lead another sharp drop in US stocks
U.S. stocks are down sharply, erasing an early gain, as the market closes in on its third weekly decline in four weeks
2:51PM ( 2 days ago )
Bull's eye on US' Permian Basin as oil prices rise
Some of the largest energy companies in the U.S. have already invested billions of dollars on claims up and down the Texas-New Mexico state line, tapping one of the nation's richest and most prolific oil and natural gas regions
2:33PM ( 2 days ago )
Markets Right Now: Stocks plunge again, led by technology
Major indexes are sinking again as traders continue to unload stocks, extending dismal streak for the stock market. Friday's sell-off erased more than 500 points from the Dow
2:12PM ( 2 days ago )
AP Business - Utilities
China pressures US, Canada ahead of Huawei hearing
China ups pressure on US, Canada for release of top Chinese technology executive
2:39AM ( 27 minutes ago )
Reports: Ghosn, Kelly, Nissan charged for underreporting pay
Japan prosecutors charge Ghosn, Nissan and 2nd executive for underreporting income
2:35AM ( 31 minutes ago )
Reports: Ghosn, Kelly, Nissan charged in underreported pay
Japan prosecutors extend detention of Nissan ex-chairman Ghosn, adding to allegations of underreported income
2:07AM ( 59 minutes ago )
Asian shares fall as Huawei arrest imperils China-US truce
Asian shares fall as Huawei arrest imperils China-US tariffs truce
1:38AM ( 1 hour ago )
Presidential hopefuls pushed to go big on climate change
Environmental activists are ramping up a pressure campaign aimed at stoking Democratic support for an ambitious environmental plan known as the Green New Deal ahead of the 2020 presidential race
12:53AM ( 2 hours ago )