OPEC Agrees to an Oil Supply Crackdown

Seven of the 11 cartel’s producers will reduce supply by around 5 percent each to make up the overall reduction. Iran, Venezuela and Indonesia will be exempt as they are pumping at or below official limits, while Iraq does not have a quota.

Top OPEC producer Saudi Arabia will shoulder half the total cut. The kingdom’s planned 500,000 barrels per day reduction would take its output to around 9 million bpd — still around 225,000 bpd above quota.

Reuters