Oil

At the Vienna meeting. OPEC+ agreed to reduce its output target by 500.000 barrels a day in the first quarter.

Saudi Arabia will continue a voluntary reduction of 400.000 barrels a day below its official target.

Russia is not an OPEC member. but it should be treated the way other OPEC members are treated.

The 14-member Organization of the Petroleum Exporting Countries (OPEC) agreed to deepen its output cuts in Vienna at the 177th OPEC meeting by 503.000 bd as of January 1. 2020 from 1.2 mbd to 1.703 mbd.

Following a short stay in the 7th OPEC+ meeting. Zangeneh told reporters that the negotiations were good and favorable results were obtained.

The Iranian Minister of Petroleum left Tehran for Vienna on Thursday morning to join the OPEC Conference.

The challenge for OPEC+ is the strong supply growth elsewhere in the world.

Iraq. the second-largest oil producer of OPEC'.s 14 members. is also one of its most chronic over-producers.

Existing supply curbs of 1.2 million barrels per day. aimed at supporting oil prices and preventing a global glut. are set to expire in March.