OPEC countries reduce oil production

After closing a historic pact to contain the commodity supply, the Organization of petroleum exporting countries (Opec) had a strong fall in production in December. In its monthly report, OPEC reported that the reduction was of 221,000 barrels a day last month, for 33, 8 million barrels.

The country which held the largest cut was Saudi Arabia, which has reduced its daily production to 149,000 barrels. Currently the country is the biggest oil exporter in the world. In addition, 12 producers outside of OPEC, including Russia, have closed an agreement accepting the reduction in over 558,000 barrels per day.

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