OPEC agrees to cut oil production but will wait until meeting with Russia to decide on specific levels

OPEC has reportedly agreed to cut oil production, but the cartel ended its closely-watched meeting on Thursday without specifying how many barrels it would aim to remove from the market. The influential OPEC oil cartel gathered at its headquarters in Vienna, Austria with the aim of reaching an accord over throttling back output. The 15-member organization will hold talks with allied oil-producing nations including Russia on Friday. The much-anticipated meeting comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis. Oil prices have crashed around 30 percent over the last two months, ratcheting up the pressure on budgets in oil-exporting countries. Yet Russia’s refusal to commit to a production quota and OPEC’s failure to hammer out the details of a deal underscore the divisions among producers, despite consensus that the group needs to take some form of action to boost the market.

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