Opec members Iraq, Nigeria agree to cut oil output
ABU DHABI: OPEC agreed on Thursday to trim oil output by asking over-producing members Iraq and Nigeria to bring production in line with their targets as the group strives to prevent a glut amid soaring U.S. production and a slowing global economy.
Oil prices have dropped below $60 per barrel in recent weeks from their 2019 peaks of $75 as fears of a global recession outweigh concerns about falling supply from sanctions-hit Iran and Venezuela.
A market-monitoring committee formed by the Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, met on Thursday in Abu Dhabi ahead of their policy discussions in Vienna in December.
