OPEC meeting ends with no details on cuts

Oil producers led by Saudi Arabia and Russia agreed on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020.

A panel of energy ministers representing the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia recommended the deeper cut on Thursday, Russian Energy Minister said. The countries involved pump over 40% of the world's oil, and their new combined cuts amount to 1.7 million bpd or 1.7% of global production. Details of the agreement and how the cuts will be distributed among producers still need to be ratified at a meeting in Vienna of OPEC and non-OPEC nations on Friday. Some OPEC ministers had called for a deal that would last until June or December 2020. At their last meeting in July, OPEC and partners agreed to an extension of nine months.