Ministers of OPEC member-states as well as non-OPEC members, known collectively as OPEC+ are gathering this Friday for the 7th Ministerial meeting.
The OPEC+ countries have been reducing oil production since 2017 to counter a perceived glut on the global market, caused by a recent boom in oil output in the United States.
The agreement stipulates slashing supplies by 1.2 million barrels per day from the October 2018 level for the first half of 2019. In July, OPEC+ extended the agreement on the same terms through March 2020.
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