Thirteen members of the Organization of Petroleum Exporting Countries (OPEC) gathered in Vienna on Saturday December 10 for the second time in less than ten days in order though they had reached a final agreement on cutting oil output during the 171st Meeting of the OPEC Conference.
The Saturday meeting led to a significant output reduction by countries outside the oil cartel in an attempt to speed up the oil market stabilization, reduce volatility and attract new investments.
Russia, the biggest oil exporter outside the group, alongside 10 other countries such as Mexico, Oman and Azerbaijan on Saturday agreed to reduce their production by 558,000 barrels a day.
The 171st Meeting of OPEC Conference and the Saturday session between OPEC and non-OPEC producers brought about a historical global agreement aimed to accelerate end of worst oil downturn in a generation.
The deal was the first one since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that led to many budget deficiencies and caused instability in some countries.