Details of oil production quotas agreed with the 14 OPEC members and 10 participating countries have been published in an effort to promote investor confidence as prices continue to slide. Saudi Arabia and Russia take the biggest hit, reducing output by 322,000 and 230,000 barrels per day (bpd), respectively, as OPEC aims to cut a total of 1.2 million bpd. The cuts are expected to be implemented over several months but will not affect U.S. shale producers such as Eagle Ford Energy Corp.
Details of oil production quotas agreed with the 14 OPEC members and 10 participating countries have been published in an effort to promote investor confidence as prices continue to slide. Saudi Arabia and Russia take the biggest hit, reducing output by 322,000 and 230,000 barrels per day (bpd), respectively, as OPEC aims to cut a total of 1.2 million bpd. Iraq is also on record to cut supplies by 141,000 bpd, and the UAE is to curb production by 96,000 bpd.