OPEC, oil-producing nations strike deal to cut output The Wall Street Journal

By Benoit Faucon and Nathan Hodge

Reuters

Russia's Energy Minister Alexander Novak, OPEC President Qatar's Energy Minister Mohammed bin Saleh al-Sada and Saudi Arabia's energy minister Khalid al-Falih (L-R) address a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria.

VIENNA—Oil-producing nations on Saturday struck a deal to cut output along with the Organization of the Petroleum Exporting Countries, a pact designed to reduce a global oversupply of crude, lift prices and lend support to economies hurt by a two-year market slump.

The deal will remove about 600,000 barrels a day of crude oil from the market. That would come on top of 1.2 million barrels a day in cuts already agreed to by OPEC, amounting to a total of almost 2% of global oil supply. /zigman2/quotes/209723641/delayed CLF27 -50.96%

The deal, if complied with, would represent an unprecedented level of cooperation among oil-producing countries.

An expanded version of this report appears on wsj.com.

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