Production cuts affirmed at OPEC meeting

03/29/1999
OPEC, Non-OPEC Production Pledges [55,746 bytes] The Organization of Petroleum Exporting Countries has agreed to cut total oil production by 1.7 million b/d beginning Apr. 1 and continuing for 1 year. Non-OPEC producers followed the OPEC agreement with a pledge by the governments of Mexico, Norway, Oman, and Russia to contribute combined cuts of 400,000 b/d. The latest pledges are in addition to a 2.6 million b/d ground-breaking production cut agreement between OPEC and some non-OPEC producers in June 1998 (OGJ, June 29, 1998, p. 28). The new agreement takes to about 5 million b/d the total production cutbacks promised by OPEC and non-OPEC producing count...
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