OPEC, non-OPEC nations sign 1st oil output cut deal in 15yrs
The consortium of oil producing countries OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to cut oil output and ease global oversupply. The non-OPEC countries decided to cut production by 5.58 lakh barrels per day, their highest-ever contribution. This comes after OPEC earlier agreed to slash output by 12 lakh barrels a day from January 1.