Ankara, Dec 8 OPEC and it allies announced that crude output cuts of 1.
2 million barrels per day to balance the global oil market.
Members agreed the cartel will curb production by 800,000 mbpd, while non-OPEC oil producers, including Russia, will cut by 400,000 bpd, Turkish daily, Yeni Safak reported.
The supply cuts will be from October 2018 production levels of participating countries, and will take effect in January to last six months, according to a joint communique from the cartel and its allies, dubbed as OPEC .
The deal and its impact on the market will be reviewed in April 2019, when OPEC meet to make decisions for July and beyond.
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