LONDON (Reuters) – Oil producer group OPEC plans to release a table detailing voluntary output cut quotas for its members and allies such as Russia in an effort to shore up prices, OPEC’s secretary-general said in a letter seen by Reuters on Thursday.
Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day, the effective reduction for member countries was 3.02 percent. That is higher than the initially discussed 2.5 percent as OPEC seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut.
Sources had initially said OPEC would not publish individual quotas.
(Reporting By Rania El-Gamal, writing by Shadia Nasralla; Editing by Dale Hudson)