OPEC, oil-producing nations strike deal to cut output

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 0.00%  

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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Jan. 15, 2021 5:09p