OPEC announces reduction of oil production

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut crude production by 1.2 million barrels per day (mbd), as President Mohammed Al-Sada reported.

This deal, which set a 32.5 mbd ceiling, was achieved during the 171st OPEC Ministerial Conference held in the capital of Austria.

Venezuelan President Nicolas Maduro on Wednesday welcomed the consensus to reduce crude-oil production. 'I congratulate and thank our OPEC partners for the important agreement that we have reached today to stabilize the market,' said Maduro in a tweet.

He also recalled the support from other oil exporting countries that are not members of the bloc to join the agreement and reduce their extraction levels.