CNBC: OPEC and allies agree to cut oil production by 1.2 million barrels per day
* Major oil producers have reached a deal to cut oil production and boost the market.
* The alliance will to take 1.2 million barrels per day off the market.
* OPEC has agreed to exempt Iran from cutting production, Iranian Energy Minister Bijan Zangeneh said.
Major oil producers have reached a deal to cut oil production and boost the market, following two days of grueling negotiations and despite opposition from U.S. President Donald Trump.
OPEC clinched the deal with allied oil-producing nations including Russia at its headquarters in Vienna, Austria on Friday. The gathering came after deep divisions in the energy alliance were laid bare at a closely-watched meeting on Thursday, with OPEC unable to agree on the terms of crude output cuts.
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WNU Editor: Libya, Iran, and Venezuela are exempted from these cuts .... OPEC deal is for 3% cut from all except Iran, Venezuela and Libya (FX Street). As for the other members .... they have a history of exceeding their quota, so there is a real possibility that this may fall through.
More News On OPEC Agreeing To Cut Oil Production
Oil producers join forces and cut production again -- AP
OPEC, Russia agree to slash oil output despite Trump pressure -- Reuters
Oil Soars After OPEC And Partners Reach Deal -- OilPrice.com
OPEC and Russia agree to slash oil production -- CNN
Oil Prices Jump After OPEC Agrees To Bigger-Than-Expected Production Cut -- NPR
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OPEC, Russia Strike Deal to Cut Oil Production
The cartel along with Russia and its allies will curb oil output by a collective 1.2 million barrels a day
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