OPEC Plans 5-10% Cut in Output
From Reuters
GENEVA —
OPEC has reached agreement in principle on a 5% to 10% cut in its output in the first quarter of 1987 to boost world oil prices, Ecuador’s deputy oil minister said today.
Fernando Santos Alvite said the provisional pact was worked out at a closed session of ministerial talks, but details of a final pact still had to be worked out. Delegates said Saudi Arabia, Venezuela and Kuwait--three of the Organization of Petroleum Exporting Countries’ biggest producers--were consulting their governments on the proposal.
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