OPEC agrees to cut output by 1.2m barrels a day

OPEC and its oil producing allies reached an agreement to cut production by 1.2m barrels a day. The deal was hammered out at the OPEC secretariat in Vienna.

The 1.2m b/d cut will be split 800,000 b/d for OPEC members and 400,000 b/d for countries outside the cartel.

Azerbaijans Energy Minister Parviz Shahbazov participated in the event.