The Organization of the Petroleum Exporting Countries (OPEC) called on Thursday local time in Vienna for a further cut of 1.5 million barrels per day to support prices.
OPEC members will cut 1 million barrels per day, while non-members led by Russia will share the cut of 500,000 barrels per day, according to a statement released after the 178th (Extraordinary) Meeting of the Conference of the OPEC.
The meeting also agreed to recommend the OPEC and its partnering countries an extension of the current cut levels of 1.7 million barrels per day for the rest of the year.
The West Texas Intermediate for April delivery was down 0.88 U.S. dollar to settle at 45.9 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell 1.14 dollars to settle at 49.99 dollars a barrel on the London ICE Futures Exchange.
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